Shopify (TSE:SHOP) Trading 21.5% Higher - Here's Why

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 traded up 21.5% during trading on Thursday . The company traded as high as C$214.90 and last traded at C$212.82. 4,168,139 shares changed hands during trading, an increase of 94% from the average session volume of 2,143,358 shares. The stock had previously closed at C$175.16.

Analyst Ratings Changes

Several research firms recently issued reports on SHOP. Royal Bank Of Canada cut Shopify from an "outperform" rating to a "sector perform" rating and lifted their price objective for the stock from C$160.00 to C$220.00 in a report on Thursday. ATB Capital lifted their price objective on Shopify from C$155.00 to C$160.00 and gave the stock an "outperform" rating in a report on Friday, May 9th.

Shopify Trading Down 0.1%

The company's 50 day simple moving average is C$160.73 and its 200 day simple moving average is C$150.75. The firm has a market cap of C$191.46 billion, a price-to-earnings ratio of 93.07, a P/E/G 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 Activity

In related news, Senior Officer Harley Michael Finkelstein sold 4,955 shares of the 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$741,716.84. Also, Director Tobyn David Shannan sold 2,442 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of C$145.16, for a total transaction of C$354,478.36. In the last quarter, insiders have sold 43,343 shares of company stock valued at $6,654,837. 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.