Shopify (TSE:SHOP) Stock Passes Above Fifty Day Moving Average – Here’s What Happened

Shopify Inc. (TSE:SHOP)’s stock price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$171.61 and traded as high as C$221.12. Shopify shares last traded at C$220.97, with a volume of 2,097,517 shares traded.

Analysts Set New Price Targets

Several research firms have weighed in on SHOP. TD boosted their price target on shares of Shopify from C$159.00 to C$175.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. ATB Cormark Capital Markets raised their price objective on Shopify from C$240.00 to C$260.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of C$198.00.

Shopify Trading Up 5.3%

The company has a debt-to-equity ratio of 1.40, a current ratio of 5.35 and a quick ratio of 5.74. The firm’s 50 day moving average is C$171.61 and its 200 day moving average is C$165.98. The company has a market capitalization of C$284.31 billion, a PE ratio of 149.30, a P/E/G ratio of 0.87 and a beta of 2.28.

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.