Shopify Inc. [NYSE: SHOP] jumped around 0.16 points on Thursday, while shares priced at $45.35 at the close of the session, up 0.35%. The company report on March 23, 2023 that New Shopify and Google Cloud AI Integration Brings Advanced Ecommerce Capabilities to Retailers and Merchants Worldwide.
Shopify merchants can now deploy advanced search and browse experiences using Google Cloud’s Discovery AI solution; Rainbow Shops the first to see success.
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New research finds that search abandonment—when a shopper searches for a product on a retailer’s website or mobile app, but doesn’t find what they are looking for—costs the retail industry more than $2 trillion annually globally.
Shopify Inc. stock is now 30.65% up from its year-to-date (YTD) trading value. SHOP Stock saw the intraday high of $45.63 and lowest of $43.50 per share. The company’s 52-week high price is 68.54, which means current price is +30.88% above from all time high which was touched on 02/03/23.
Compared to the average trading volume of 19.47M shares, SHOP reached a trading volume of 11896052 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say 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 $48.99 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 2.60. 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.
Stifel have made an estimate for Shopify Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on March 17, 2023. The new note on the price target was released on February 24, 2023, representing the official price target for Shopify Inc. stock. Previously, the target price had yet another raise to $50, while DA Davidson analysts kept a Buy rating on SHOP stock.
The Average True Range (ATR) for Shopify Inc. is set at 2.01, with the Price to Sales ratio for SHOP stock in the period of the last 12 months amounting to 10.16. The Price to Book ratio for the last quarter was 7.01, with the Price to Cash per share for the same quarter was set at 4.03.
How has SHOP stock performed recently?
Shopify Inc. [SHOP] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.49. With this latest performance, SHOP shares gained by 3.78% in over the last four-week period, additionally plugging by 47.10% over the last 6 months – not to mention a drop of -35.48% 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 50.72, with the RSI for the last a single of trading hit 48.40, and the three-weeks RSI is set at 51.59 for Shopify Inc. [SHOP]. The present Moving Average for the last 50 days of trading for this stock 45.80, while it was recorded at 46.75 for the last single week of trading, and 37.44 for the last 200 days.
Shopify Inc. [SHOP]: Deeper insight into the fundamentals
Shopify Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 7.10 and a Current Ratio set at 7.10.
Earnings analysis for Shopify Inc. [SHOP]
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SHOP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Shopify Inc. go to 11.84%.
Insider trade positions for Shopify Inc. [SHOP]
There are presently around $34,796 million, or 65.80% of SHOP stock, in the hands of institutional investors. The top three institutional holders of SHOP stocks are: BAILLIE GIFFORD & CO with ownership of 72,447,961, which is approximately 12.303% of the company’s market cap and around 0.20% of the total institutional ownership; MORGAN STANLEY, holding 69,473,815 shares of the stock with an approximate value of $3.15 billion in SHOP stocks shares; and CAPITAL RESEARCH GLOBAL INVESTORS, currently with $2.84 billion in SHOP stock with ownership of nearly 18.975% of the company’s market capitalization.
473 institutional holders increased their position in Shopify Inc. [NYSE:SHOP] by around 122,008,603 shares. Additionally, 456 investors decreased positions by around 79,616,267 shares, while 130 investors held positions by with 565,659,971 shares. The mentioned changes placed institutional holdings at 767,284,841 shares, according to the latest SEC report filing. SHOP stock had 194 new institutional investments in for a total of 24,245,564 shares, while 102 institutional investors sold positions of 18,214,654 shares during the same period.