Shopify (TSE:SHOP) Shares Cross Above Fifty Day Moving Average – Should You Sell?

Shopify Inc. (TSE:SHOP)’s share price crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$171.61 and traded as high as C$221.12. Shopify shares last traded at C$220.97, with a volume of 2,097,517 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. TD raised their price target on shares of Shopify from C$159.00 to C$175.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. ATB Cormark Capital Markets upped their price objective on shares of Shopify from C$240.00 to C$260.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price of C$198.00.

Shopify Stock Performance

The stock has a 50-day moving average of C$172.84 and a 200 day moving average of C$166.32. The stock has a market cap of C$275.79 billion, a PE ratio of 144.83, a P/E/G ratio of 0.87 and a beta of 2.28. The company has a quick ratio of 5.74, a current ratio of 5.35 and a debt-to-equity ratio of 1.40.

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.