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Shopify (SHOP) Moves 7.1% Higher: Will This Strength Last?
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Shopify (SHOP - Free Report) shares soared 7.1% in the last trading session to close at $147.74. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.9% loss over the past four weeks.
Shopify is benefiting from broad merchant gains, deeper payments adoption, and expansion across online, offline, and B2B channels.
This cloud-based commerce company is expected to post quarterly earnings of $0.44 per share in its upcoming report, which represents a year-over-year change of +29.4%. Revenues are expected to be $3.73 billion, up 31.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Shopify, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SHOP going forward to see if this recent jump can turn into more strength down the road.
Shopify belongs to the Zacks Internet - Services industry. Another stock from the same industry, Uber Technologies (UBER - Free Report) , closed the last trading session 1.3% lower at $69.89. Over the past month, UBER has returned -10.7%.
Uber's consensus EPS estimate for the upcoming report has changed -5.4% over the past month to $1.03. Compared to the company's year-ago EPS, this represents a change of -66.9%. Uber currently boasts a Zacks Rank of #3 (Hold).
View the Zacks #1 Rank List
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Shopify (SHOP) Moves 7.1% Higher: Will This Strength Last?
Shopify (SHOP - Free Report) shares soared 7.1% in the last trading session to close at $147.74. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.9% loss over the past four weeks.
Shopify is benefiting from broad merchant gains, deeper payments adoption, and expansion across online, offline, and B2B channels.
This cloud-based commerce company is expected to post quarterly earnings of $0.44 per share in its upcoming report, which represents a year-over-year change of +29.4%. Revenues are expected to be $3.73 billion, up 31.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Shopify, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SHOP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Shopify belongs to the Zacks Internet - Services industry. Another stock from the same industry, Uber Technologies (UBER - Free Report) , closed the last trading session 1.3% lower at $69.89. Over the past month, UBER has returned -10.7%.
Uber's consensus EPS estimate for the upcoming report has changed -5.4% over the past month to $1.03. Compared to the company's year-ago EPS, this represents a change of -66.9%. Uber currently boasts a Zacks Rank of #3 (Hold).