Shopify (TSE:SHOP) Stock Price Down 7.8% – Here’s What Happened

Shopify Inc. (TSE:SHOP)’s share price dropped 7.8% during mid-day trading on Tuesday . The company traded as low as C$154.26 and last traded at C$159.92. Approximately 884,028 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 1,903,805 shares. The stock had previously closed at C$173.37.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research analyst reports. 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. Wells Fargo & Company dropped their target price 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 issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$206.33.

Shopify Stock Performance

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 has a market capitalization of C$198.09 billion, a PE ratio of 162.31, a PEG ratio of 0.87 and a beta of 1.82. The stock’s fifty day simple moving average is C$167.21 and its 200-day simple moving average is C$194.77.

Shopify (TSE:SHOP) last issued 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. On average, research analysts predict that Shopify Inc. will post 1.9256156 earnings per share 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.