Shopify (TSE:SHOP) Shares Down 4.9% – What’s Next?

Shopify Inc. (TSE:SHOP)’s stock price fell 4.9% during trading on Wednesday . The stock traded as low as C$164.40 and last traded at C$165.29. 906,794 shares were traded during trading, a decline of 55% from the average session volume of 2,012,463 shares. The stock had previously closed at C$173.74.

Analysts Set New Price Targets

SHOP has been the topic of several research reports. ATB Cormark Capital Markets cut their target price 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. Wells Fargo & Company lowered their price target on Shopify from $191.00 to $166.00 and set an “overweight” rating for the company in a research report on Monday, April 6th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of C$206.33.

Shopify Stock Down 4.6%

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$215.02 billion, a price-to-earnings ratio of 162.45, a P/E/G ratio of 0.87 and a beta of 2.28. The business’s 50-day moving average is C$158.42 and its 200-day moving average is C$169.61.

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