Tue Oct 01 09:56:11 UTC 2024: ## Kimelman & Baird LLC Enters Shopify (SHOP) Market, Joining Surge in Institutional Interest

**New York, NY (October 1, 2024)** – Kimelman & Baird LLC has joined the growing list of institutional investors taking a stake in Shopify Inc. (NYSE: SHOP), according to Holdings Channel reports. The investment firm acquired 2,000 shares of the e-commerce platform provider in the second quarter, valued at roughly $132,000.

This move comes amidst a flurry of activity from other major players. Oliver Lagore Vanvalin Investment Group significantly boosted its position in Shopify during the second quarter, doubling its holdings to 400 shares. Other newcomers include Jones Financial Companies Lllp, Cultivar Capital Inc., Hazlett Burt & Watson Inc., and OLD Point Trust & Financial Services N A, collectively investing millions in the company.

Overall, institutional investors and hedge funds now control a significant 69.27% of Shopify’s stock.

Shopify’s stock opened at $80.15 on Tuesday, with a 50-day moving average of $70.25 and a 200-day moving average of $68.48. The company currently boasts a market cap of $103.29 billion.

The stock has been the subject of considerable analyst attention in recent months. While Moffett Nathanson downgraded Shopify from “buy” to “neutral,” other firms like Redburn Atlantic, Wolfe Research, Bank of America, and JPMorgan Chase & Co. have expressed bullish sentiments, issuing “buy” or “overweight” ratings and raising price targets.

Currently, the average rating for Shopify is “Moderate Buy” with an average target price of $78.26, according to MarketBeat.com.

**About Shopify**

Shopify Inc. is a leading global commerce platform, providing businesses with the tools to manage online stores, process orders, and build customer relationships. Its services are available across numerous sales channels, including web and mobile storefronts, physical retail locations, and social media platforms.

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