Shopify (TSE:SHOP) Shares Up 16.4% – Time to Buy?

Shopify Inc. (TSE:SHOP)’s share price traded up 16.4% during mid-day trading on Wednesday . The company traded as high as C$216.00 and last traded at C$201.80. 2,444,879 shares changed hands during mid-day trading, an increase of 19% from the average daily volume of 2,052,420 shares. The stock had previously closed at C$173.41.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. TD increased their price objective on shares of Shopify from C$159.00 to C$175.00 and gave the stock a “buy” rating in a research note on Thursday. ATB Cormark Capital Markets lifted their price objective on shares of Shopify from C$240.00 to C$260.00 and gave the company an “outperform” rating in a research report on Thursday. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$198.00.

Shopify Trading Up 2.4%

The company has a quick ratio of 5.74, a current ratio of 6.20 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of C$274.29 billion, a P/E ratio of 207.23, a PEG ratio of 0.87 and a beta of 2.28. The firm’s 50-day simple moving average is C$166.53 and its 200 day simple moving average is C$165.38.

Shopify (TSE:SHOP) last announced its quarterly earnings data on Tuesday, May 5th. The company reported C($0.63) earnings per share (EPS) for the quarter. Shopify had a return on equity of 10.70% and a net margin of 10.94%.The business had revenue of C$4.41 billion during the quarter. Equities research analysts anticipate that Shopify Inc. will post 1.9256156 EPS for the current fiscal year.

Shopify Company Profile

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.