Shopify (TSE:SHOP) Stock Passes Below 50-Day Moving Average – Here’s Why

Shopify Inc. (TSE:SHOP)’s share price crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$161.97 and traded as low as C$138.51. Shopify shares last traded at C$139.01, with a volume of 2,368,334 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SHOP shares. ATB Cormark Capital Markets reduced their price target on shares of Shopify from C$250.00 to C$240.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Wells Fargo & Company reduced their price target on shares of Shopify from $191.00 to $166.00 and set an “overweight” rating on the stock in a research report on Monday, April 6th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$206.33.

Shopify Trading Up 0.8%

The stock has a market capitalization of C$180.39 billion, a price-to-earnings ratio of 136.28, a PEG ratio of 0.87 and a beta of 1.82. The company has a debt-to-equity ratio of 1.43, a current ratio of 6.20 and a quick ratio of 5.74. The business’s 50-day simple moving average is C$161.97 and its two-hundred day simple moving average is C$189.15.

Shopify (TSE:SHOP) last announced its quarterly earnings results on Tuesday, May 5th. The company reported C($0.63) earnings per share for the quarter. The business had revenue of C$4.41 billion for the quarter. Shopify had a net margin of 10.94% and a return on equity of 10.70%. On average, research analysts anticipate that Shopify Inc. will post 1.9256156 earnings per share for the current fiscal year.

About Shopify

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.