Shopify (TSE:SHOP) Shares Down 8% – What’s Next?

Shopify Inc. (TSE:SHOP)’s share price traded down 8% during mid-day trading on Tuesday. The stock traded as low as C$190.87 and last traded at C$200.19. Approximately 3,365,770 shares were traded during mid-day trading, an increase of 66% from the average session volume of 2,032,950 shares. The stock had previously closed at C$217.64.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. ATB Cormark Capital Markets increased their target price on shares of Shopify from C$240.00 to C$260.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. TD upped their price target on Shopify from C$159.00 to C$175.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$198.00.

Shopify Stock Down 8.0%

The firm’s 50 day simple moving average is C$214.32 and its 200-day simple moving average is C$180.75. The company has a current ratio of 5.35, a quick ratio of 5.74 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of C$257.57 billion, a price-to-earnings ratio of 135.26, a price-to-earnings-growth ratio of 0.87 and a beta of 2.16.

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.