Shopify (TSE:SHOP) Stock Price Down 3.8% – Here’s Why

Shopify Inc. (TSE:SHOP) shares dropped 3.8% during mid-day trading on Thursday . The company traded as low as C$132.95 and last traded at C$133.58. Approximately 168,623 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 2,043,815 shares. The stock had previously closed at C$138.84.

Wall Street Analysts Forecast Growth

Separately, Mizuho increased their target price on Shopify from C$105.00 to C$110.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th.

Shopify Trading Up 4.3 %

The company has a debt-to-equity ratio of 9.74, a quick ratio of 5.74 and a current ratio of 3.71. The firm has a 50 day simple moving average of C$159.18 and a two-hundred day simple moving average of C$138.80. The firm has a market capitalization of C$126.96 billion, a P/E ratio of 61.72, a PEG ratio of 0.87 and a beta of 2.36.

Insider Buying and Selling at Shopify

In other news, Director Tobyn David Shannan sold 430 shares of Shopify stock in a transaction on Monday, March 10th. The stock was sold at an average price of C$135.62, for a total transaction of C$58,318.61. Also, Senior Officer Kasra Nejatian sold 50,000 shares of Shopify stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of C$172.76, for a total value of C$8,637,893.55. In the last three months, insiders have sold 60,853 shares of company stock worth $10,229,275. Corporate insiders own 0.18% of the company’s stock.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.