Shopify (TSE:SHOP) Shares Up 7.8% – Time to Buy?

Shopify Inc. (TSE:SHOP)’s share price shot up 7.8% during mid-day trading on Monday . The company traded as high as C$193.71 and last traded at C$193.38. 3,003,086 shares traded hands during mid-day trading, an increase of 46% from the average daily volume of 2,060,007 shares. The stock had previously closed at C$179.34.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SHOP. 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, August 6th. ATB Cormark Capital Markets lifted their target price on Shopify from C$240.00 to C$260.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of C$198.00.

Shopify Price Performance

The company has a debt-to-equity ratio of 1.40, a current ratio of 5.35 and a quick ratio of 5.74. The stock has a market capitalization of C$248.81 billion, a price-to-earnings ratio of 130.66, a price-to-earnings-growth ratio of 0.87 and a beta of 2.44. The company has a 50-day simple moving average of C$190.70 and a two-hundred day simple moving average of C$171.58.

About Shopify

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.