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Why Shopify Stock Was Climbing Today
After a rough week to close out April, Shopify (NYSE: SHOP) stock was climbing today as investors looked ahead to the company’s fourth-quarter earnings report, and as two analysts lowered their price targets but maintained their ratings on the stock. As of 11:51 a.m. ET, Shopify was up 2.5% after climbing as much as 5% earlier in the session. Shopify shares plunged as market sentiment continued to move away from high-growth tech stocks, and as Amazon launched its Buy with Prime initiative, which will allow any e-commerce company, including Shopify sellers, to sell to Amazon’s Prime customers and use Amazon’s logistics network.
