Shopify (SHOP) : Traders are bullish on Shopify (SHOP) as it has outperformed the S&P 500 by a wide margin of 20.6% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 6.35%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 6.4% in the last 1 week, and is up 21.84% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 12.85% and the 50-Day Moving Average is 23.34%. Shopify (NYSE:SHOP): On Fridays trading session , Opening price of the stock was $39.92 with an intraday high of $40.55. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $39.01. However, the stock managed to close at $39.38, a loss of 1.33% for the day. On the previous day, the stock had closed at $39.91. The total traded volume of the day was 970,367 shares.
Institutional Investors own 59.5% of Shopify shares. Also, Bank of America initiates coverage on Shopify (NYSE:SHOP). According to the latest information available, the shares are now rated Neutral by the analysts at the agency. The rating by the firm was issued on August 12, 2016.
Shopify Inc. is a Canada-based company that provides a cloud-based commerce platform for small and medium-sized businesses. The Companys platform lets users to create their own online store. The Companys platform provides merchants to design, set up and manage their stores across multiple sales channels, including Web, mobile, social media, brick-and-mortar locations, and pop-up shops. Its platform provides a merchant a single view of their business. Its platform also provides merchants to manage all aspects of their shops: uploading products, customizing the design, accepting credit cards, and viewing their incoming orders and completed transactions. Its platform lets users to sell fashion, electronics, sporting goods, furniture and food, among others. The Companys platform offers over 900 applications.