Shopify Inc (NYSE:SHOP) price is hovering higher on Monday, November 20, jumping 1.79% above its previous close.
A look at today’s price movement shows that the recent level at last check reads $68.34, with intraday deals fluctuating between $66.80 and $68.89. The company’s 5Y monthly beta was ticking 2.08. Taking into account the 52-week price action we note that the stock hit a 52-week high of $71.43 and 52-week low of $32.35. The stock added 36.02% on its value in the past month.
Shopify Inc, which has a market valuation of $89.37 billion, is expected to release its quarterly earnings report Feb 13, 2024 – Feb 19, 2024. Analysts tracking SHOP have forecast the quarterly EPS to grow by 0.31 per share this quarter, while the same analysts predict the annual EPS to hit $0.69 for the year 2023 and up to $1.04 for 2024. In this case, analysts estimate an annual EPS growth of 1,625.00% for the year and 50.70% for the next year.
On average, analysts have forecast the company’s revenue for the quarter will hit $2.07 billion, with the likely lows of $2.04 billion and highs of $2.13 billion. The average estimate suggests sales growth for the quarter will likely rise by 19.20% when compared to those recorded in the same quarter in the last financial year. Staying with the analyst view, there is a consensus estimate of $6.98 billion for the company’s annual revenue in 2023. Per this projection, the revenue is forecast to grow 24.70% above that which the company brought in 2023.
Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give SHOP a short term outlook of 50% Buy on average. Looking at the stock’s medium term indicators we note that it is averaging as a Hold, while an average of long term indicators are currently assigning the stock as 100% Buy.
The overview shows that SHOP’s price is at present 21.30% off the SMA20 and 24.04% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 73.12, with weekly volatility standing at 3.29%. The indicator jumps to 4.29% when calculated based on the past 30 days. Shopify Inc (NYSE:SHOP)’s beta value is holding at 2.18, while the average true range (ATR) indicator is currently reading 2.63.
Turning out attention to how the Shopify Inc stock has performed in comparison to its peers in the industry, here’s what we find: SHOP’s stock is 1.79% on the day and 84.41% in the past 12 months. Turning out attention to how the Shopify Inc stock has performed in comparison to its peers in the industry, here’s what we find: SHOP’s stock is 1.79% on the day and 84.41% in the past 12 months. Elsewhere in the market, the S&P 500 Index has rallied 0.38% in today’s early trading, with the Dow Jones Industrial also seeing a positive session on the day with 0.24%.
An analysis of the Shopify Inc (NYSE:SHOP) stock in terms of its daily trading volume indicates that the 3-month average is 11.50 million. However, this figure increases on the past 10-day timeline to an average of 11.29 million.
Current records show that the company has 1.20B in outstanding shares. The insiders’ percentage holdings are 9.64% of outstanding shares while the percentage share held by institutions stands at 62.43%. The stats also highlight that short interest as of Oct 30, 2023, stood at 24.56 million shares, which puts the short ratio at the time at 2.25. From this we can glean that short interest is 1.91% of company’s current outstanding shares. Notably, we see that shares short in October fall slightly given the previous month’s figure stood at 28.18 million. But the 100.40% upside, the stock’s price has registered year-to-date as of today’s value, will likely reignite investor interest given the prospect of it rallying even higher.