Canada-based e-commerce giant Shopify (NYSE:SHOP) closed down more than 10% today as part of a broader market downturn. SHOP stock price predictions are running hot today as investors try to make sense of the surprising cold draft.
So what’s going on with the SHOP today?
It appears SHOP is an unfortunate victim of an otherwise dreary day for the markets. The good news is that Shopify itself hasn’t experienced any bad, company-specific catalysts. However, that isn’t to say that Shopify investors should expect a next-day turnaround.
SHOP has performed strongly in the past few years, even reaching a new all-time high in November. The company is also now profitable. However, given that this is a company that many investors turn to for its growth prospects, downturns in SHOP stock can raise some questions.
With SHOP sitting just over $1,221, what do experts think about its price potential?
SHOP Stock Price Predictions
- Wallet Investor is unabashedly bullish on Shopify. They site has a one-year forecast of $1,849.59 and a staggering five-year price target of $3,791.56 per share.
- Gov Capital is surprisingly even more confident in Shopify’s future upside. The site has Shopify reaching $2,584.55 this year, nearly double its current price. And it doesn’t see the growth stopping anytime soon. It has a five-year price target of $9,962.97.
- TipRanks’ aggregate estimate is a bit more conservative. Its panel of 20 Wall Street analysts set an average December 2022 price target of $1,647.59, with the upper end of the estimates coming in at $2,000 per share and the bottom estimates at $1,294.17.
On the date of publication, Shrey Dua 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.