Shopify (TSE:SHOP) Shares Up 7.8% – Should You Buy?

Shopify Inc. (TSE:SHOP)’s share price rose 7.8% on Monday . The company traded as high as C$193.71 and last traded at C$193.38. 3,003,086 shares traded hands during mid-day trading, an increase of 46% from the average session volume of 2,060,007 shares. The stock had previously closed at C$179.34.

Wall Street Analyst Weigh In

SHOP has been the topic of several research analyst reports. ATB Cormark Capital Markets boosted their target price on Shopify from C$240.00 to C$260.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. TD raised their price target on Shopify from C$159.00 to C$175.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus price target of C$198.00.

Shopify Stock Performance

The company has a current ratio of 5.35, a quick ratio of 5.74 and a debt-to-equity ratio of 1.40. The company has a market cap of C$259.43 billion, a PE ratio of 136.24, a P/E/G ratio of 0.87 and a beta of 2.44. The firm’s 50-day simple moving average is C$191.32 and its two-hundred day simple moving average is C$171.80.

Shopify Company Profile

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.