Shopify Inc. [SHOP] Stock trading around $34.19 per share: What’s Next?

Shopify Inc. [NYSE: SHOP] gained 0.26% or 0.09 points to close at $34.19 with a heavy trading volume of 39142336 shares. The company report on October 27, 2022 that Shopify Reports Third Quarter 2022 Financial Results.


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Shopify reports in U.S. dollars and in accordance with U.S. GAAP.

It opened the trading session at $33.84, the shares rose to $34.7799 and dropped to $32.58, the range by which the price of stock traded the whole day. The daily chart for SHOP points out that the company has recorded -19.90% loss over the past six months. However, it is still -44.69% lower than its most recent low trading price.

If we look at the average trading volume of 29.68M shares, SHOP reached to a volume of 39142336 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Shopify Inc. [SHOP]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SHOP shares is $40.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SHOP stock is a recommendation set at 2.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Atlantic Equities have made an estimate for Shopify Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on August 11, 2022. While these analysts kept the previous recommendation, Piper Sandler dropped their target price from $38 to $32. The new note on the price target was released on July 28, 2022, representing the official price target for Shopify Inc. stock. Previously, the target price had yet another drop from $50 to $45, while Oppenheimer kept a Outperform rating on SHOP stock.

The Average True Range (ATR) for Shopify Inc. is set at 2.16, with the Price to Sales ratio for SHOP stock in the period of the last 12 months amounting to 8.21. The Price to Book ratio for the last quarter was 4.99, with the Price to Cash per share for the same quarter was set at 3.92.

Trading performance analysis for SHOP stock

Shopify Inc. [SHOP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 14.92. With this latest performance, SHOP shares gained by 27.72% in over the last four-week period, additionally sinking by -19.90% over the last 6 months – not to mention a drop of -76.53% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SHOP stock in for the last two-week period is set at 64.07, with the RSI for the last a single of trading hit 72.02, and the three-weeks RSI is set at 58.52 for Shopify Inc. [SHOP]. The present Moving Average for the last 50 days of trading for this stock 30.40, while it was recorded at 31.19 for the last single week of trading, and 47.69 for the last 200 days.

Shopify Inc. [SHOP]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Shopify Inc. [SHOP] shares currently have an operating margin of +7.10 and a Gross Margin at +52.86. Shopify Inc.’s Net Margin is presently recorded at +63.20.

Return on Equity for this stock inclined to 33.25, with Return on Assets sitting at 27.62.

Shopify Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 6.60 and a Current Ratio set at 6.60.

An analysis of insider ownership at Shopify Inc. [SHOP]

There are presently around $24,272 million, or 61.90% of SHOP stock, in the hands of institutional investors. The top three institutional holders of SHOP stocks are: MORGAN STANLEY with ownership of 72,993,519, which is approximately 13.309% of the company’s market cap and around 0.19% of the total institutional ownership; BAILLIE GIFFORD & CO, holding 64,511,049 shares of the stock with an approximate value of $2.21 billion in SHOP stocks shares; and CAPITAL RESEARCH GLOBAL INVESTORS, currently with $1.29 billion in SHOP stock with ownership of nearly 25.537% of the company’s market capitalization.

Positions in Shopify Inc. stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 502 institutional holders increased their position in Shopify Inc. [NYSE:SHOP] by around 124,084,466 shares. Additionally, 541 investors decreased positions by around 176,127,250 shares, while 126 investors held positions by with 409,705,852 shares. The mentioned changes placed institutional holdings at 709,917,568 shares, according to the latest SEC report filing. SHOP stock had 103 new institutional investments in for a total of 24,518,504 shares, while 239 institutional investors sold positions of 25,700,442 shares during the same period.

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