Shopify Inc. (SHOP - Free Report) is a cloud-based commerce platform provider that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.
These positive earnings estimate revisions suggest that analysts are becoming more optimistic on SHOP’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Shopify could be a solid choice for investors.
Current Quarter Estimates for SHOP
In the past 30 days, 10 estimates have gone higher for Shopify while three have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 19 cents a share 30 days ago, to 20 cents today, a move of 5.3%.
Current Year Estimates for SHOP
Meanwhile, Shopify’s current year figures are also looking quite promising, with 13 estimates moving higher in the past month, compared to one lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 22 cents per share 30 days ago to 31 cents per share today, an increase of 40.9%.
The stock has also started to move higher lately, adding 8.5% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #3 (Hold) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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It's not the one you think.
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