What's Going On With Shopify Stock Monday?

Dylan Berman

November 11, 2024

Shopify Inc. (NYSE:SHOP) shares are trending and moving higher on Monday. The company is due to release earnings before the market opens on Tuesday. Here’s what you need to know.

What To Know: Shopify is expected to release third-quarter financial results before the opening bell on Tuesday. Analysts anticipate earnings per share of 27 cents and revenue of $2.11 billion, per estimates from Benzinga Pro. Revenue in the comparable quarter came in at $1.71 billion.

In the second quarter, Shopify surpassed analyst estimates for revenue and earnings per share. The company reported earnings per share of 26 cents, beating analyst estimates of 20 cents, and revenue of $2.04 billion, beating analyst estimates of $2.01 billion.

Shopify said last quarter that it expected revenue to grow in the low-to-mid twenties percentage range on a year-over-year basis. Shopify also guided for operating expenses to be between 41% and 42% of revenue. The company expects gross margin to be higher by about 50 basis points compared to the second quarter.

“We are proud to report another quarter of robust financial performance. We drove strong growth in GMV, revenue, and gross profit, all amidst a mixed consumer spend environment, continued to take share and concurrently expanded our free cash flow margin. We delivered across every metric,” Shopify CFO Jeff Hoffmeister said last quarter.

“Our results underscore our commitment to providing exceptional value to our merchants through focused operating execution and efficiency. As a high-growth global technology leader in commerce, we remain committed to leveraging our core strengths and investing in opportunities to achieve sustainable growth and long-term profitability.”

Multiple analysts have lifted price targets on Shopify stock over the last month leading up to earnings. Near the end of October, Scotiabank analyst Kevin Krishnaratne raised the firm’s price target from $75 to $80. RBC Capital also raised its target from $85 to $100 last month, Loop Capital moved from $80 to $90 and Baird raised its target from $79 to $90.

See Also: Warren Buffett’s Apple Stake Reduction Spurs $97B Cash Surge—Analysts Speculate This Could Be The Reason Behind Berkshire Hathaway’s Massive Cash Pile

SHOP Price Action: At the time of writing, Shopify shares were up 3.98% at $90.59, according to data from Benzinga Pro.

Image: Photo via Shutterstock

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