What’s happening with Shopify Stock on Tuesday? – Shopify (NYSE:SHOP)

Shopify Inc STORE Shares are trading slightly higher on Tuesday after JPMorgan initiated a report on the stock suggesting further growth from current levels.

What happened: JPMorgan analyst Reginald Smith initiated support for Shopify with an Overweight rating and announced a $74 price target as the analyst anticipates continued industry-leading growth for the e-commerce company. Given the stock’s recent decline, Smith sees an opportunity to buy Shopify stock.

Shopify shares are down about 19.1% year to date. Much of the decline occurred in early May, when Shopify beat analyst estimates for the first quarter but issued cautious guidance for the second quarter.

Since then, several analysts have rated the stock with 12-month price targets ranging from $63 to $95, according to Benzinga Pro.

Shopify isn’t expected to report earnings again until late July. Analysts are currently forecasting earnings of 20 cents per share on revenue of $2.009 billion.

See also: General Motors authorizes share buybacks worth $6 billion – more than 10% of its shares

How to buy supplies in the STORE

By now, you’re probably curious about how to get involved in the Shopify market – whether it’s to buy shares or even try to bet against the company.

Buying shares is usually done through a brokerage account. You can find a list of possible trading platforms here. Many of them allow you to purchase “fractional shares,” which allows you to own a portion of the stock without having to purchase the entire share. In the case of Shopify, which is trading at $63.01 at press time, $100 buys 1.59 shares.

If you want to place a bet against a company, the process is more complex. You will need access to an options trading platform or broker that will allow you to short a stock by lending you shares to sell. The process for shorting a stock can be found on this resource. Otherwise, if your broker allows options trading, you can either buy a put or sell a call at a strike price above the current stock price – either way, allowing you to profit from a decline in the stock price.

SHOP Price Action: Shopify shares were up 1.41% at $63.90 at press time, according to Benzinga Pro.

Photo: Shutterstock.

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