Shopify (SHOP) Trading Down 6.4%
Shopify Inc. (NYSE:SHOP) (TSE:SHOP) dropped 6.4% during trading on Tuesday . The stock traded as low as $96.19 and last traded at $96.62. Approximately 2,740,800 shares were traded during mid-day trading, an increase of 30% from the average daily volume of 2,101,407 shares. The stock had previously closed at $103.27.
SHOP has been the topic of several analyst reports. Zacks Investment Research lowered shares of Shopify from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. Wedbush restated an “outperform” rating and issued a $115.00 price target (up previously from $100.00) on shares of Shopify in a research note on Tuesday, August 8th. Royal Bank Of Canada restated a “sector perform” rating and issued a $99.00 price target (up previously from $78.00) on shares of Shopify in a research note on Tuesday, August 8th. Oppenheimer restated a “hold” rating on shares of Shopify in a research note on Wednesday, August 9th. Finally, Vetr upgraded shares of Shopify from a “buy” rating to a “strong-buy” rating and set a $107.76 price target on the stock in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $101.54.
The company has a current ratio of 10.64, a quick ratio of 10.64 and a debt-to-equity ratio of 0.02.
Large investors have recently modified their holdings of the stock. Seven Bridges Advisors LLC bought a new stake in Shopify during the second quarter worth approximately $120,000. Advisory Services Network LLC boosted its holdings in Shopify by 26.6% during the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock worth $123,000 after buying an additional 298 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Shopify during the second quarter worth approximately $135,000. Sterling Investment Advisors Ltd. boosted its holdings in Shopify by 100.0% during the second quarter. Sterling Investment Advisors Ltd. now owns 2,000 shares of the software maker’s stock worth $174,000 after buying an additional 1,000 shares in the last quarter. Finally, Wedbush Securities Inc. bought a new stake in Shopify during the second quarter worth approximately $212,000. Hedge funds and other institutional investors own 55.34% of the company’s stock.
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Shopify Company Profile
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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