Shopify Stock Gets IBD Stock Rating Upgrade
August 31, 2023: Shopify Inc. (SHOP) stock received an upgrade to “Buy” from “Hold” by Investor’s Business Daily (IBD) on Wednesday. The move comes as the e-commerce platform’s shares have been on a recent tear, rising more than 60% in the past six months.
IBD cited Shopify’s strong financial performance and continued growth potential as reasons for the upgrade. The company reported $1.28 per share on revenue of $1.2 billion in its most recent quarter, both of which beat analyst expectations. Shopify also raised its guidance for the entire year.
IBD also noted that Shopify is trading above its 50-day and 200-day moving averages, two technical indicators that can signal a bullish trend.
Actionable Takeaways:
- Investors interested in Shopify stock should consider buying shares now, as it is trading near its all-time high.
- Investors should also monitor the company’s earnings and revenue growth, as these factors could continue to drive the stock higher.
Practical Takeaways for Businesses:
- Businesses that sell products or services online should consider using Shopify as their e-commerce platform. Shopify offers a variety of features that can help companies to sell more products and grow their businesses.
- Businesses should also consider using Shopify’s marketing tools to reach more customers and drive sales.
- The upgrade of Shopify stock by IBD is a positive sign for the company. Investors should continue to monitor the stock’s performance and consider buying shares if the company continues to meet or beat analyst expectations.
