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

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

Wall Street Analyst Weigh In

Separately, ATB Cormark Capital Markets lowered their price objective on Shopify from C$250.00 to C$240.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of C$206.33.

Shopify Trading Up 18.9%

The company has a market cap of C$267.50 billion, a price-to-earnings ratio of 202.10, a price-to-earnings-growth ratio of 0.87 and a beta of 2.28. 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 company’s 50-day moving average is C$164.48 and its 200 day moving average is C$165.57.

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