Shopify (TSE:SHOP) Stock Price Breaks Below 50 Day Moving Average – Time to Sell?

Shares of Shopify Inc. (TSE:SHOP) passed 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.

Analysts Set New Price Targets

SHOP has been the topic of several recent analyst reports. ATB Cormark Capital Markets lifted their price target on Shopify from C$240.00 to C$260.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. TD upped 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. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of C$198.00.

Shopify Trading Down 8.0%

The company has a market capitalization of C$257.57 billion, a price-to-earnings ratio of 135.26, a P/E/G ratio of 0.87 and a beta of 2.16. The company has a current ratio of 5.35, a quick ratio of 5.74 and a debt-to-equity ratio of 1.40. The business’s 50 day moving average price is C$214.32 and its two-hundred day moving average price is C$180.75.

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.