Shopify (TSE:SHOP) Stock Price Down 6% – Here’s Why

Shopify Inc. (TSE:SHOP) shares fell 6% on Thursday . The company traded as low as C$169.38 and last traded at C$169.77. 336,792 shares traded hands during trading, a decline of 83% from the average session volume of 1,957,256 shares. The stock had previously closed at C$180.62.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SHOP. ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and set a C$250.00 target price on the stock in a report on Tuesday, February 10th. Wells Fargo & Company cut their price objective on shares of Shopify from $191.00 to $166.00 and set an “overweight” rating for the company in a research report on Monday, April 6th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$209.67.

Shopify Price Performance

The company has a debt-to-equity ratio of 2.66, a current ratio of 5.92 and a quick ratio of 5.74. The company’s 50-day simple moving average is C$167.02 and its 200-day simple moving average is C$198.74. The stock has a market capitalization of C$219.03 billion, a price-to-earnings ratio of 179.11, a P/E/G ratio of 0.87 and a beta of 1.68.

Shopify (TSE:SHOP) last released its quarterly earnings results on Wednesday, February 11th. The company reported C$0.78 EPS for the quarter. Shopify had a net margin of 10.70% and a return on equity of 10.12%. The business had revenue of C$4.88 billion for the quarter. Research analysts forecast that Shopify Inc. will post 1.9256156 earnings per share for the current fiscal 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.