Shopify Inc (SHOP) receives an Underperform rating from Exane BNP Paribas

Exane BNP Paribas downgraded its Shopify Inc [SHOP] rating to an Underperform from a a Neutral in a research note published recently.

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Price Performance Review of SHOP

On Tuesday, Shopify Inc [NYSE:SHOP] saw its stock fall -1.45% to $82.33. Over the last five days, the stock has gained 1.47%. Shopify Inc shares have risen nearly 5.69% since the year began. Nevertheless, the stocks have risen 64.40% over the past one year. While a 52-week high of $83.57 was reached on 01/29/24, a 52-week low of $39.02 was recorded on 01/04/24. SMA at 50 days reached $76.03, while 200 days put it at $62.81. A total of 5.45 million shares were traded, compared to the trading of 6.84 million shares in the previous session.

Levels Of Support And Resistance For SHOP Stock

The 24-hour chart illustrates a support level at 81.59, which if violated will result in even more drops to 80.85. On the upside, there is a resistance level at 83.16. A further resistance level may holdings at 83.99. The Relative Strength Index (RSI) on the 14-day chart is 61.27, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.54, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 17.14%. Stochastics %K at 87.14% indicates the stock is a selling.

How much short interest is there in Shopify Inc?

A steep rise in short interest was recorded in Shopify Inc stocks on Jan 11, 2024, dropping by -0.79 million shares to a total of 25.93 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2023 was 26.72 million shares. There was a decline of -3.05%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 3.61% of the overall stock float, the days-to-cover ratio (short ratio) fell to 2.74.

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