Shopify (TSE:SHOP) Shares Cross Below Fifty Day Moving Average – What’s Next?

Shopify Inc. (TSE:SHOP) shares crossed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of C$214.32 and traded as low as C$190.87. Shopify shares last traded at C$200.19, with a volume of 3,365,770 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SHOP shares. TD boosted their price objective on Shopify from C$159.00 to C$175.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. ATB Cormark Capital Markets upped their target price on Shopify from C$240.00 to C$260.00 and gave the stock an “outperform” 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’s stock. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price of C$198.00.

Shopify Trading Down 8.0%

The business’s fifty day moving average is C$214.32 and its 200-day moving average is C$180.75. The firm has a market cap of C$257.57 billion, a P/E ratio of 135.26, a price-to-earnings-growth ratio of 0.87 and a beta of 2.16. The company has a debt-to-equity ratio of 1.40, a quick ratio of 5.74 and a current ratio of 5.35.

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.