Shopify (SHOP) Stock Surges 9% While the Market Falls - Here’s Why
TLDR
- Shopify stock jumped as much as 8.97% on Monday, reaching an intraday high of $123.00, closing the prior session at $113.75.
- The rally came ahead of Q2 earnings due August 5, with Wall Street expecting EPS of $0.37 on revenue of $3.44 billion.
- CEO Tobias Lütke’s posts on X about Shopify’s new NVIDIA DGX Workstation boosted AI sentiment.
- Analyst consensus sits at “Moderate Buy” with an average price target of $157.69; Jefferies recently upgraded to Buy with a $160 target.
- Shopify trades above its 20, 50, and 100-day SMAs but remains 6.8% below its 200-day SMA of $133.83.
Shopify (SHOP) stock surged as much as 8.97% on Monday, hitting $123.95 intraday and trading as high as $123.00, up from Friday’s close of $113.75.
The move came on light volume. Only about 1.2 million shares changed hands, roughly 88% below the stock’s average daily volume of 10.49 million. The price move was clearly not volume-driven.
The broader market wasn’t helping either. The Nasdaq dropped 0.84% and the S&P 500 fell 0.15% on the day, making Shopify’s move stand out.
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