Shopify Stock on Track for Worst Day on Record

The e-commerce name issued a dismal revenue outlook

Fernanda Horner

Digital Content Manager

May 8, 2024 at 10:38 AM

SHOP

Shopify Inc (NYSE:SHOP) is down 19.5% at $62.06 at last check, and earlier gapped to its lowest level since November after the e-commerce name missed first-quarter revenue estimates. The company also predicted year-over-year revenue to drop over the second quarter as consumer spending slows down.

Shares are today on track for their biggest single-day percentage drop on record. This bear gap also placed SHOP below a floor at $68 - $70, which contained an April pullback, after running into resistance at $78. So far in 2024, Shopify stock has already dropped more than 20%.

Drilling down to today's options activity, 99,000 calls and 68,000 puts have swapped hands so far, which is 12 times the intraday average volume. The weekly 5/10 60-strike put is the most popular, with new positions opening there.

Short-term options traders lean bullish. This is per Shopify stock's Schaeffer's put/call open interest ratio (SOIR) of 0.79, which sits in the low 12th percentile of readings from the past 12 months.

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