Shopify Inc (NYSE: SHOP) Stock: Instant Disaster Or Awesome Opportunity?

In the last trading session, 6.52 million shares of the Shopify Inc (NYSE:SHOP) were traded, and its beta was 2.21. Most recently the company’s share price was $78.19, and it changed around $1.02 or 1.32% from the last close, which brings the market valuation of the company to $100.65B. SHOP currently trades at a discount to its 52-week high of $91.57, offering almost -17.11% off that amount. The share price’s 52-week low was $43.50, which indicates that the current value has risen by an impressive 44.37% since then. We note from Shopify Inc’s average daily trading volume that its 10-day average is 5.74 million shares, with the 3-month average coming to 9.80 million.

Shopify Inc stock received a consensus recommendation rating of Buy, based on a mean score of 2.30. If we narrow it down even further, the data shows that 1 out of 29 analysts rate the stock as a Sell; another 7 rate it as Overweight. Among the rest, 10 recommended SHOP as a Hold, whereas 11 deemed it a Buy, and 0 rated it as Underweight. Shopify Inc is expected to report earnings per share of $0.17 for the current quarter.

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Shopify Inc (NYSE:SHOP) trade information

Instantly SHOP has showed a green trend with a performance of 1.32% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently up 0.37% year-to-date, but still down -0.67% over the last five days. On the other hand, Shopify Inc (NYSE:SHOP) is 2.38% up in the 30-day period. We can see from the shorts that 18.13 million shares have been sold at a short interest cover period of 2.09 day(s).

The consensus price target as assigned by Wall Street analysts is $82.66, which translates to bulls needing to increase their stock price by 5.41% from its current value. Analyst projections state that SHOP is forecast to be at a low of $30 and a high of $200.

Shopify Inc (SHOP) estimates and forecasts

Shopify Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 46.97 percent over the past six months and at a 27.03% annual growth rate that is well above the industry average of 19.90%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 1,600.00% in revenue this quarter, and will report an increase of 64.30% in the next quarter. The year-over-year growth rate is expected to be 21.10%, up from the previous year.

Consensus estimates provided by 35 financial analysts predict the company will bring in an average of $1.84 billion in revenue for the current quarter. 34 analysts expect Shopify Inc to make $2.02 billion in revenue for the quarter ending Jun 2024. Analysts predict that the company’s current quarter sales will jump, forecast at 28.50%.

Shopify Inc earnings are expected to increase by 39.32% in 2024, but the outlook is positive 59.89% per year for the next five years.

SHOP Dividends

Shopify Inc’s next quarterly earnings report is expected to be released around May 02 and May 06.

Shopify Inc (NYSE:SHOP)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.19% of Shopify Inc shares, and 70.81% of them are in the hands of institutional investors. The stock currently has a share float of 70.94%. Shopify Inc stock is held by 1,629 institutions, with Baillie Gifford and Company being the largest institutional investor. By Jun 29, 2023, it held 5.44% of the shares, which is about 65.55 million shares worth $4.23 billion.

Morgan Stanley, with 5.26% or 63.4 million shares worth $4.1 billion as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Europacific Growth Fund and Growth Fund Of America Inc were the top two Mutual Funds as of Jun 29, 2023. The former held 30.7 million shares worth $1.98 billion, making up 2.55% of all outstanding shares. On the other hand, Growth Fund Of America Inc held roughly 17.09 million shares worth around $1.1 billion, which represents about 1.42% of the total shares outstanding.