Shopify (TSE:SHOP) Shares Up 21.5% - Here's What Happened

Key Points

• Shopify's stock price surged by 21.5% during mid-day trading, reaching a high of C$214.90, after closing at C$175.16 previously.
• ATB Capital upgraded Shopify's stock rating to "outperform" and increased its price target from C$155.00 to C$160.00.
• Insider selling has been notable, with executives selling a total of 43,343 shares valued at approximately $6.65 million in the last ninety days.

Shopify Inc. (TSE:SHOP - Get Free Report)'s stock price was up 21.5% during mid-day trading on Thursday . The company traded as high as C$214.90 and last traded at C$212.82. Approximately 4,168,139 shares were traded during trading, an increase of 94% from the average daily volume of 2,143,358 shares. The stock had previously closed at C$175.16.

Analyst Ratings Changes

Separately, ATB Capital lifted their price objective on shares of Shopify from C$155.00 to C$160.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th.

Shopify Stock Performance

The firm's fifty day moving average is C$158.31 and its 200 day moving average is C$150.01. The firm has a market capitalization of C$198.20 billion, a price-to-earnings ratio of 96.35, a PEG ratio of 0.87 and a beta of 2.36. The company has a debt-to-equity ratio of 9.74, a current ratio of 3.71 and a quick ratio of 5.74.

Insider Buying and Selling at Shopify

In related news, Director Tobyn David Shannan sold 2,442 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of C$145.16, for a total transaction of C$354,478.36. Also, Senior Officer Jeff Hoffmeister sold 3,985 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of C$149.69, for a total transaction of C$596,516.98. Insiders have sold 43,343 shares of company stock worth $6,654,837 in the last ninety days. Company insiders own 0.18% of the company's stock.

Shopify Company Profile

Shopify is the leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between.

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