Shopify (TSE:SHOP) Shares Up 16.4% – Here’s Why

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

Analyst Upgrades and Downgrades

Separately, ATB Cormark Capital Markets reduced their price target 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. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of C$206.33.

Shopify Stock Up 18.9%

The company has a market capitalization of C$267.50 billion, a price-to-earnings ratio of 202.10, a P/E/G ratio of 0.87 and a beta of 2.28. The business’s 50-day moving average is C$164.48 and its 200-day moving average is C$165.57. The company has a quick ratio of 5.74, a current ratio of 6.20 and a debt-to-equity ratio of 1.43.

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

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.