This article first appeared on GuruFocus.
ETFs sold $34.7 million in Shopify (SHOP) shares on Wednesday, a day when more funds traded the other way but in smaller amounts. Eight ETFs bought the stock while 2 sold it, leaving 44 holding steady. The net selling followed a $59.2 million inflow on Tuesday and a $2.2 million outflow on Monday, extending a choppy stretch of ETF activity.
See all ETF and guru trades in SHOP on its SHOP guru trades page.
Which ETFs sold SHOP on Wednesday?
The largest sellers by dollar value were QQQ ($37.1 million), CGGR ($1.9 million) and QLD ($0.1 million). In all, 8 ETFs added shares and 2 cut them.
Among the ETFs behind the move, QQQ cut its position by 215,165 shares, a $37.1 million reduction that left it with 25,260,040 shares, or 0.89% of its portfolio. CGGR trimmed 11,025 shares for a $1.9 million decrease. On the buying side, QQQI added 4,788 shares, SKYY bought 3,860 shares, and CGGO picked up 3,150 shares, each worth less than $1 million. Shopify operates in the Technology sector, within the Software – Application industry, and carries a market capitalization of $229.2 billion.
Have ETFs been buying or selling SHOP lately?
Over the last 5 reported days, ETFs were net buyers on 3 and net sellers on 2, so the recent trend is mostly buying.
What does SHOP do?
Shopify provides the leading commerce platform for independent merchants, powering millions of businesses in about 175 countries that together process hundreds of billions of dollars in annual gross merchandise volume. Its subscription software lets merchants build online stores and sell across web, mobile, physical retail via Shopify POS, and marketplaces and social channels.
Shopify reported $13.27 billion in trailing-12-month revenue, up 32.1% from a year earlier, with a gross margin of 47.6% and a net margin of 14.5%. Its P/E ratio stands at 120.2, P/B at 18.11, and P/S at 17.51. The company has a GF Score of 84, and its GF Value of $157.23 compares with a price of $178.14. Shopify’s shares have returned 10.67% year to date.