Shopify (TSE:SHOP) Trading Up 21.5% - What's Next?

Key Points

• Shopify's stock surged 21.5% on Thursday, trading as high as C$214.90 and closing at C$212.82, with over 4 million shares traded, indicating significant market activity.
• ATB Capital raised their target price for Shopify from C$155.00 to C$160.00, affirming an "outperform" rating in their latest research report.
• Insider trading activity revealed that directors sold a total of 43,343 shares valued at approximately $6.65 million in the last 90 days, with insiders owning just 0.18% of the company.

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

Wall Street Analyst Weigh In

Separately, ATB Capital boosted their target price on Shopify from C$155.00 to C$160.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th.

Shopify Stock Up 21.5%

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

Insider Activity

In related news, Director Tobyn David Shannan sold 2,442 shares of the business's stock in a transaction that occurred 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 Harley Michael Finkelstein sold 4,955 shares of the company's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of C$149.69, for a total transaction of C$741,716.84. In the last 90 days, 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.