Analysts Are Downgrading These 5 Stocks

3. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 62

Shopify Inc. (NYSE:SHOP) received a downgrade from Wolfe Research on Wednesday, December 7. The research firm cut its ratings for the Canadian e-commerce giant from “Outperform” to “Peer Perform,” citing weakening growth due to macro hurdles.

Separately, UBS analyst Kunal Madhukar also issued a “Sell” rating for Shopify Inc. (NYSE:SHOP) on Thursday, December 8, mentioning competitive pressure from Amazon.

Meanwhile, investment management firm Artisan Partners also discussed Shopify Inc. (NYSE:SHOP) in its third-quarter 2022 investor letter, stating:

Shopify Inc. (NYSE:SHOP) is a leading e-commerce platform supporting over 2 million merchants with software, online storefronts and payments technology. Like Uber, Shopify returned to mid-cap territory during Q2 as the company’s profit cycle… (Click here to read the full text)”

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