Shopify (NYSE:SHOP) stock is on the move today as investors react to the last few days of news concerning the e-commerce company.
Let’s dive into the most recent news from the company below!
- Shopify has been busy these last few days.
- That includes talk that the company ended its contracts with several warehouse and fulfillment partners.
- This could be a sign of the company preparing to set up its own solutions to these needs.
- However, further trouble for the company comes from the drop in the e-commerce business over the last few months.
- That’s the result of online shopping seeing a decline as the diminishing Covid-19 pandemic spurs shoppers back into brick-and-mortar stores.
- That’s despite current analyst ratings for the stock being positive.
- The current analyst consensus rating for SHOP stock is buy.
- That comes from 18 buy and 13 hold ratings.
- Also, the analyst consensus price target for SHOP shares is sitting at $1,600.95
- That represents a potential upside of 100.5% for the stock.
- Of course, it isn’t just SHOP stock that is falling today.
- The stock market is taking an overall beating for a variety of reasons.
- That includes rising inflation, increasing interest rates, and other factors.
- This is hitting tech stocks particularly hard, which includes SHOP stock.
- It’s also worth highlighting SHOP stock seeing heavy trading today.
- As of this writing, more than 3 million shares of the stock have changed hands.
- That’s quite the jump from the company’s daily average trading volume of about 1.3 million shares.
SHOP stock is down 10% as of Monday afternoon.
Investors looking for more stock market news today will want to keep reading!
InvestorPlace has all the latest stock news that traders need to know about for Monday. A few examples include what has shares of Digital World Acquisition (NASDAQ:DWAC) stock on the move, Nio (NYSE:NIO) price predictions, as well as why electric vehicle (EV) stocks are falling. You can get all these details from the following links!
More Monday Stock Market News
- DWAC and 5 Social Media Stocks to Watch Ahead of Truth Social’s Launch
- NIO Stock Price Predictions: Can European Expansion Save NIO From New 52-Week Lows?
- Electric Vehicle Stocks: Why EV Plays TSLA, NIO, RIVN, LCID and XPEV Are Falling Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.