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71.33
1.11%
+0.78
Pre-market:
73.80
2.47
+3.46%
Why is Shopify Inc (SHOP) Stock down?
We've noticed a 13.40% decline in Shopify Inc (SHOP) stock during the 2024-02-13 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
06 Dec, 2023:
Shares of Shopify Inc (SHOP) dropped by 4.79% from $74.72 to $71.14 in the trading on Wednesday, December 6, 2023. The reason why SHOP is down today is due to n analyst downgrade. Wedbush analyst Ygal Arounian downgraded the stock from Outperform to Neutral while raising the price target from $66 to $68. This downgrade came after Shopify's Investor Day. In addition, various analysts had mixed reactions to Shopify's Investor Day.
- Oppenheimer analyst Ken Wong reiterated an Outperform rating with a price target of $80, expressing confidence in Shopify's growth and margin expansion.
- Needham analyst Anna Andreeva reiterated a Hold rating and projected Q4 revenue and EPS of $2.08 billion and $0.33, respectively, citing macroeconomic concerns and valuation.
- Piper Sandler analyst Clarke Jeffries maintained an Underweight rating with a price target of $56, finding little to change his previous view.
- Raymond James analyst Brian Peterson reiterated a Market Perform rating, emphasizing Shopify's innovation but highlighting valuation as a concern. Shopify's stock decline followed the analyst downgrade and mixed reactions to its Investor Day presentations. Investor sentiment can be influenced by analyst recommendations and perceptions of a company's growth prospects.
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