Shopify Stock Climbs Higher on Bull Notes

SHOP hit a new record high earlier this month

Assistant Editor
Jul 23, 2020 at 11:05 AM
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The shares of Shopify Inc (NYSE:SHOP) are up 0.6% at $962.60 at last check, after two analysts chimed in with price-target hikes. Piper Sandler raised its price target to $1,015 from $843, keeping an "overweight" rating, while citing a "strong recovery" and an expanding product offering. Also, Credit Suisse lifted its to $850 from $700.

SHOP has continued to soar upwards since mid-March lows, reaching a record high of $1,074.97 on July 13 before tapering off to support at the 30-day moving average. Year-to-date, the equity is up 141%. 

On the analyst front, nine out of 26 in coverage sport a "buy" or better, with 16 at a "hold," and one at a "strong sell" rating. Meanwhile, even more price target hikes could be on the horizon, with the consensus 12-month price target of $857.13 at an 11.9% discount to current levels. 

In the options pits, calls are popular. In the last 10 weeks,1.42 calls have been bought for every put at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 78% of readings from the past year, suggesting a healthier appetite for long calls than usual. 

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