Shopify (TSE:SHOP) Stock Price Down 8% – Here’s What Happened

Shopify Inc. (TSE:SHOP)’s share price fell 8% on Tuesday. The stock traded as low as C$190.87 and last traded at C$200.19. 3,365,770 shares changed hands during mid-day trading, an increase of 66% from the average daily volume of 2,032,950 shares. The stock had previously closed at C$217.64.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent analyst reports. TD boosted their target price on shares of Shopify from C$159.00 to C$175.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. ATB Cormark Capital Markets raised their target price on Shopify from C$240.00 to C$260.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$198.00.

Shopify Stock Down 8.0%

The stock has a market cap of C$257.57 billion, a P/E ratio of 135.26, a PEG ratio of 0.87 and a beta of 2.16. 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 business has a 50-day simple moving average of C$214.32 and a 200-day simple moving average of C$180.75.

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.