Shopify (TSE:SHOP) Shares Down 10.3% – Here’s Why

Shopify Inc. (TSE:SHOP) dropped 10.3% during mid-day trading on Wednesday . The stock traded as low as C$154.57 and last traded at C$154.80. Approximately 1,344,924 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 1,882,895 shares. The stock had previously closed at C$172.54.

Analyst Ratings Changes

SHOP has been the subject of several analyst reports. TD Securities upped their target price on Shopify from C$156.00 to C$159.00 and gave the stock a “hold” rating in a research report on Wednesday, November 5th. ATB Capital raised Shopify from a “sector perform” rating to an “outperform” rating and set a C$250.00 price target on the stock in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of C$184.75.

Shopify Trading Down 8.5%

The company has a current ratio of 3.71, a quick ratio of 5.74 and a debt-to-equity ratio of 9.74. The business has a 50 day simple moving average of C$210.77 and a two-hundred day simple moving average of C$209.65. The stock has a market cap of C$206.01 billion, a price-to-earnings ratio of 116.07, a price-to-earnings-growth ratio of 0.87 and a beta of 2.12.

Shopify (TSE:SHOP) last released its earnings results on Wednesday, February 11th. The company reported C$0.78 EPS for the quarter. Shopify had a return on equity of 20.32% and a net margin of 22.74%.The company had revenue of C$4.88 billion during the quarter. As a group, equities analysts anticipate that Shopify Inc. will post 1.9256156 EPS for the current year.

Shopify Company Profile

Shopify is the leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, Vuori, BevMo, Carrier, JB Hi-Fi, Meta, ButcherBox, SKIMS, Supreme, and many more.