Shopify (TSE:SHOP) Shares Up 11.3% – Here’s Why

Shopify Inc. (TSE:SHOP – Get Free Report)’s stock price traded up 11.3% on Monday . The company traded as high as C$178.88 and last traded at C$178.62. Approximately 2,007,726 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 2,017,812 shares. The stock had previously closed at C$160.46.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SHOP. ATB Cormark Capital Markets reduced their price objective on shares of Shopify from C$250.00 to C$240.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Wells Fargo & Company dropped their price objective on Shopify from $191.00 to $166.00 and set an “overweight” rating on the stock in a report on Monday, April 6th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$206.33.

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Shopify Trading Down 0.3%

The firm has a market cap of C$237.89 billion, a PE ratio of 179.73, a PEG ratio of 0.87 and a beta of 2.28. The business has a 50-day moving average price of C$161.80 and a two-hundred day moving average price of C$167.63. The company has a debt-to-equity ratio of 1.43, a current ratio of 6.20 and a quick ratio of 5.74.

Shopify (TSE:SHOP – Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported C($0.63) earnings per share (EPS) for the quarter. The business had revenue of C$4.41 billion for the quarter. Shopify had a return on equity of 10.70% and a net margin of 10.94%. Analysts forecast that Shopify Inc. will post 1.9256156 EPS for the current year.

About Shopify

(Get Free Report)

Shopify provides essential internet infrastructure for commerce. Shopify’s all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify-from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS, and Supreme.

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