Shopify (TSE:SHOP) Trading Down 4.9% – Here’s Why

Shopify Inc. (TSE:SHOP)’s share price traded down 4.9% during mid-day 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.

Analyst Ratings Changes

Several brokerages have recently issued reports on SHOP. Wells Fargo & Company reduced their price objective on Shopify from $191.00 to $166.00 and set an “overweight” rating on the stock in a research report on Monday, April 6th. ATB Cormark Capital Markets cut their price target on Shopify from C$250.00 to C$240.00 and set an “outperform” rating for the company in a report on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$206.33.

Shopify Stock Down 5.4%

The stock has a fifty day moving average price of C$159.63 and a 200-day moving average price of C$168.82. The company has a debt-to-equity ratio of 1.43, a quick ratio of 5.74 and a current ratio of 6.20. The firm has a market cap of C$204.85 billion, a PE ratio of 154.76, a PEG ratio of 0.87 and a beta of 2.28.

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