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Shopify Inc. (SHOP) produced 31% free cash flow growth, but its FCF margins were slightly lower on 34% higher revenue growth. This has sparked two unusually large tranches of long-term SHOP call option purchases.
SHOP is down today to $106.13, falling 15% yesterday after releasing its Q1 earnings before the market opened. It's now down 16.4% from May 1 ($106.67), and off 21.2% from a 3-month peak of $135.14 on April 20.