Shopify (TSE:SHOP) Stock Passes Below 50-Day Moving Average – Here’s Why

Shopify Inc. (TSE:SHOP)’s stock price crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$161.97 and traded as low as C$138.51. Shopify shares last traded at C$139.01, with a volume of 2,368,334 shares trading hands.

Analyst Ratings Changes

Several research firms have weighed in on SHOP. 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 report on Wednesday, May 6th. Wells Fargo & Company lowered their price target on shares of Shopify from $191.00 to $166.00 and set an “overweight” rating for the company in a report on Monday, April 6th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of C$206.33.

Shopify Trading Up 0.8%

The business’s fifty day moving average price is C$161.97 and its 200 day moving average price is C$189.15. The firm has a market capitalization of C$180.39 billion, a PE ratio of 136.28, a P/E/G ratio of 0.87 and a beta of 1.82. 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 released 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 during the quarter. As a group, analysts expect that Shopify Inc. will post 1.9256156 EPS for the current fiscal year.

About Shopify

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.