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Shopify Stock Extends Rally After Bull Note

Shares of Shopify Inc (NYSE:SHOP) are headed for their 11th consecutive daily gain, up 1.9% to trade at $64.20 at last glance, after J.P. Morgan Securities initiated coverage with an "overweight" rating and $74 price target. The brokerage cited the e-commerce giant's product breadth, ease of use, and scale as competitive advantages in the industry. 

The 40-day moving average appears to be keeping today's gains in check, however. Now trading at roughly the same levels it did following its early May post-earnings bear gap, the equity is still down 17.9% since the start of the year. 

Options bulls are likely enjoying SHOP's latest rally. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day call/put volume ratio of 2.79 ranks higher than 86% of readings over the past year.

Now looks like a great time to weigh in with options. Shopify stock's Schaeffer's Volatility Index (SVI) of 33% stands at its lowest level in 12 months, meaning options traders are pricing in low volatility expectations at the moment. 

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