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If You’re Not Bullish On Shopify Inc (NYSE: SHOP) Now, You’ll Kick Yourself Later

Shopify Inc (NYSE:SHOP) price is hovering higher on Monday, February 12, jumping 0.06% above its previous close.

A look at today’s price movement shows that the recent level at last check reads $90.72. The company’s 5Y monthly beta was ticking 2.27. Taking into account the 52-week price action we note that the stock hit a 52-week high of $91.44 and 52-week low of $39.02. The stock added 11.65% on its value in the past month.

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Shopify Inc, which has a market valuation of $116.57 billion, is expected to release its quarterly earnings report Feb 13, 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 2024 and up to $1.06 for 2024. In this case, analysts estimate an annual EPS growth of 1,625.00% for the year and 53.60% for the next year.

On average, analysts have forecast the company’s revenue for the quarter will hit $2.08 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 19.70% 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 $6.99 billion for the company’s annual revenue in 2023. Per this projection, the revenue is forecast to grow 24.90% 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 1 upward and no downward reviews. On the technical perspective front, indicators give SHOP a short term outlook of 100% Buy on average. Looking at the stock’s medium term indicators we note that it is averaging as a 100% Buy, 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 10.89% off the SMA20 and 16.24% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 69.27, with weekly volatility standing at 4.21%. The indicator jumps to 3.72% when calculated based on the past 30 days. Shopify Inc (NYSE:SHOP)’s beta value is holding at 2.27, while the average true range (ATR) indicator is currently reading 3.17.

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 0.06% on the day and 82.86% 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 0.06% on the day and 82.86% in the past 12 months.

An analysis of the Shopify Inc (NYSE:SHOP) stock in terms of its daily trading volume indicates that the 3-month average is 3.14. However, this figure increases on the past 10-day timeline to an average of 11.01 million.

Current records show that the company has 1.20B in outstanding shares. The stats also highlight that short interest as of Jan 31, 2024, stood at 25.68 million shares, which puts the short ratio at the time at 2.73. From this we can glean that short interest is 2.00% of company’s current outstanding shares. Notably, we see that shares short in January fall slightly given the previous month’s figure stood at 27.48 million. But the 16.52% 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.