Shopify (TSE:SHOP) Stock Price Up 7.8% – Time to Buy?

Shares of Shopify Inc. (TSE:SHOP) shot up 7.8% during mid-day trading on Monday . The stock traded as high as C$193.71 and last traded at C$193.38. 3,003,086 shares were traded during trading, an increase of 46% from the average daily volume of 2,060,007 shares. The stock had previously closed at C$179.34.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. ATB Cormark Capital Markets increased their target price on Shopify from C$240.00 to C$260.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. TD upped their price target on shares of Shopify from C$159.00 to C$175.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$198.00.

Shopify Price Performance

The company has a quick ratio of 5.74, a current ratio of 5.35 and a debt-to-equity ratio of 1.40. The company has a 50 day simple moving average of C$190.70 and a 200-day simple moving average of C$171.58. The stock has a market cap of C$248.81 billion, a price-to-earnings ratio of 130.66, a PEG ratio of 0.87 and a beta of 2.44.

Shopify Company Profile

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.