Shopify Stock: After a 72% Decline, is Most Bad News Out? - Nasdaq
Quick Read
Shopify (NYSE: SHOP) (TSE: SHOP) stock has slumped over 72% this year.
Given the considerable decline in its stock price, the recent buying by market participants (SHOP stock is up about 22% in one month), and easier year-over-year comparisons ahead, most bad news appears to be out.
However, with negative signals from hedge funds and insiders, the upside in SHOP stock could be limited.
SHOP Stock: Hedge Funds Reducing Their Stakes
Per TipRanks' Hedge Fund Trading Activity tool, hedge fund managers have lowered their holdings in SHOP stock by selling 23 million shares in the last quarter.
Five hedge fund managers, including ARK Investment Management's Catherine Wood, have reduced their holdings in SHOP stock.
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