Shopify gains as retail investors buy the dip

Shoppers Stop

27/07/2022 16:56

(Updates)
    ** Canadian ecommerce firm Shopify Inc's U.S.-listed shares
 SHOP.N  jump ~6% to $33.50, snapping a three-session losing
streak
    ** Co reports a surprise loss for Q2 and warns of an
adjusted operating loss for H2, citing higher expenses related
to ecommerce fulfillment co Deliverr  urn:newsml:reuters.com:*:nL4N2Z82IA
    ** "Shopify is working on their business going forward to
correct the mistakes they made, which is thinking they could
expand quickly based on the past couple of years because of the
pandemic," said Allan Small, senior investment advisor at Allan
Small Financial Group    
    ** Shares tanked 14% on Tuesday after co announced layoffs
 urn:newsml:reuters.com:*:nL4N2Z72VQ
    ** Retail investors still bought the stock at a record pace
of $38 mln on Tuesday, according to Vanda Research data
    ** "We suspect that the retail contrarian flows have
partially shielded the stock price from falling further," Vanda
analyst writes
    ** Investors are at a point where even though disappointing
news is there, they will look at buying because they are
starting to feel that the stocks are already near some bottom -
Small 
    ** Stock is up amid a broader rally in tech shares; Nasdaq
 .IXIC  up 2%
    ** SHOP shares have slumped ~76% this year
    
    

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Retail traders pile into Shopify shares    https://tmsnrt.rs/3oyX5Qx
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 (Reporting by Anisha Sircar, Johann M Cherian, Medha Singh)
 ((susan.mathew@thomsonreuters.com))