Shopify (TSE:SHOP) Stock Price Down 2.1% – Here’s What Happened

Shopify Inc. (TSE:SHOP)’s stock price traded down 2.1% during trading on Wednesday . The stock traded as low as C$148.05 and last traded at C$150.93. 1,587,543 shares changed hands during trading, a decline of 22% from the average session volume of 2,023,643 shares. The stock had previously closed at C$154.13.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. ATB Cormark Capital Markets dropped their target price 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 target price on shares of Shopify from $191.00 to $166.00 and set an “overweight” rating for the company in a research report on Monday, April 6th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of C$206.33.

Shopify Trading Down 1.8%

The firm has a market capitalization of C$196.56 billion, a P/E ratio of 148.50, a price-to-earnings-growth ratio of 0.87 and a beta of 2.30. 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 firm’s 50-day simple moving average is C$157.23 and its 200-day simple moving average is C$181.42.

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

Shopify Company Profile

Shopify is the leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, Vuori, BevMo, Carrier, JB Hi-Fi, Meta, ButcherBox, SKIMS, Supreme, and many more.