Shopify (TSE:SHOP) Stock Falls 8% – Time to Sell?

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. TD raised 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 lifted their price objective on Shopify from C$234.00 to C$237.00 and gave the company a “sector perform” rating in a report on Wednesday. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$206.00.

Shopify Trading Down 5.4%

The company has a current ratio of 4.86, a quick ratio of 5.74 and a debt-to-equity ratio of 1.47. The firm has a 50-day moving average of C$214.17 and a 200 day moving average of C$180.64. The company has a market cap of C$258.89 billion, a P/E ratio of 123.45, a price-to-earnings-growth ratio of 0.87 and a beta of 2.04.

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.