Prime

Strong

Resistance

Billion

Gains

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Shopify stock price soared 26% in the last two sessions and closed at $61.47.</a> </li> 
 <li> <span>2</span> <a>Shopify Inc. reported sales and profit for the third quarter that beat Wall Street estimates in the last trading session.&nbsp;</a> </li> 
 <li> <span>3</span> <a>The SHOP stock price forecast that its value may rise to a high of $73 by the year end 2023.&nbsp;</a> </li> 
</ul> 
<p>Shopify stock price soared over 26% in the last two sessions following the disclosure of quarterly results. On Thursday, The SHOP stock price registered a gap-up opening of over 18% in the pre-market session and gained another 4% by the end of the session. Yesterday, the price added 2.96% more and closed at $61.47.<br><br>Moreover, the SHOP stock price surged after the e-commerce platform handily topped the earnings and sales expectations for the current quarter. The company reported the third quarterly results yesterday. After this, the stock price experienced the biggest gain in a year.</p> 
<h2 class="wp-block-heading" id="strong-shopify-stock-price-gains-after-results-3rd-quarterly-earnings-analysis-strong"><strong>Shopify Stock Price Gains After Results: 3rd Quarterly Earnings Analysis</strong></h2> 
<p>Shopify Inc. reported outperforming quarterly results yesterday. The revenues surged by 25% this quarter to $1.7 Billion, slightly better than the estimates of $1.67 Billion according to FactSet.&nbsp;</p> 
<p>Moreover, the earnings surprised the estimates by 65.05%. The adjusted earnings of 24 cents per share were better than the consensus calls for 15 cents per share. The gross merchandise volume also registered a growth of 22% every year at $56.2 Billion. The analysts’ expectation for the GMV was $54.3 Billion.&nbsp;&nbsp;&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-shopify-cfo-jeff-hoffmeister-stated-strong-growth-forecast-strong"><strong>Shopify CFO Jeff Hoffmeister Stated Strong Growth Forecast&nbsp;</strong></h2> 
<p>Shopify’s chief financial officer (CFO) seemed optimistic about the company’s future growth. He mentioned, “Our results showcased the durability of our business model as we delivered a compelling combination of both top-line growth and profitability, with revenue growing 25% year over year and free cash flow margin reaching 16%”.&nbsp;</p> 
<p>He further added, “We will continue to operate with discipline, thoughtfully investing in the huge opportunities ahead across regions, products, and channels to help merchants capture every opportunity every step of the way.”</p> 
<h2 class="wp-block-heading" id="strong-shop-stock-price-gained-26-after-results-know-the-possible-reasons-strong"><strong>SHOP Stock Price Gained 26% After Results; Know The Possible Reasons</strong></h2> 
<p>One of the several factors behind the solid earnings is stated that the company sharpened its focus on costs. In May, the company cut 20% of its workforce and sold its logistics unit to Flexport, a supply chain software startup.<br></p> 
<p>During the current quarter, Shopify Inc. announced a partnership with Amazon that allowed its fast and free Prime delivery on their storefronts off Amazon. In addition, Shopify also invested in the online marketplace Faire as part of a deal that may make it the recommended wholesale platform for their merchants.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-shopify-stock-price-prediction-2023-strong"><strong>Shopify Stock Price Prediction 2023</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/gmG88ACG6uTV1vdycC63U5_LjlXTigy0FkXtmc1Zy_Rm1M_BiHVU46MFvSW0bX0XTMsLKT8aa-p0m0tPUkcMvey0lfF45VcZvCFFNJv6EpLE51Rw1uEMR_7Ablpi8KCH2VCjXqNXvQUzHOWi54e8U5A" alt="Shop Stock Price: Shopify Soars 26% After Third Quarter Sales">
  <figcaption class="wp-element-caption">
   Source: Shopify&nbsp; 1D. NYSE By TradingView
  </figcaption>
 </figure>
</div> 
<p>SHOP stock daily price chart analysis showcased a mildly bearish outlook in the past two months. The price fell below the key moving averages and made a breakdown below an important level of $50; turning the pre-earning sentiments bearish.</p> 
<p>However, the stock price seemed to recover two days ahead of the earnings. The rest of the work was done by a massive gap-up in the pre-market session. The bulls have regained control and the price may follow an upward trajectory now.&nbsp;&nbsp;</p> 
<p>The price prediction of Shopify stock signifies a bullish outlook for the rest of the year. SHOP stock has regained the trust of investors and the price may show gains in the coming sessions. As per the analysts, the price is expected to reach a high of $73 by the end of 2023.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-shopify-stock-price-prediction-2024-strong"><strong>Shopify Stock Price Prediction 2024</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter is-resized">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/Rq6_aXokot1ut8aEJdnOHVhB5hliazUwakQRc1nk0iUGPg5WoXgNESW7B38J1tTjq3BcOsXP-LTrgyzHWZzHo_FJ1UcoA9XKXkUwOI7Y24tY0Ms9tJ9ZtcLxQpMdqs68Ux1NAUF_Prc9ttREF5OYg2o" alt="Shop Stock Price: Shopify Soars 26% After Third Quarter Sales" style="aspect-ratio:1.4758620689655173;width: 100%;height:auto">
  <figcaption class="wp-element-caption">
   Source: tradingview.com
  </figcaption>
 </figure>
</div> 
<p>Analysts offering yearly price forecasts for <a href="https://www.thecoinrepublic.com/2023/10/19/shopify-stock-price-falls-below-200-ema-is-the-price-discounted/">Shopify stock</a> have a bullish outlook about the price trend and see a potential of over 37.35% on the upside. The price could reach a maximum of $82 by the end of 2024.&nbsp;</p> 
<p>On the other hand, the minimum estimates of the analysts hope for a drawdown of 16.25% which could drag the price to a low of $50.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3> 
<p>Shopify stock price soared over 26% in the past two sessions after reporting strong quarterly results. The company beat the estimates for revenue, earnings, and gross merchandise volume. The CFO expressed confidence in the future growth of the e-commerce platform.&nbsp;</p> 
<p>The price prediction of Shopify stock is bullish for the rest of the year as well as 2024. Analysts expect the price to reach a high of $82 by the end of 2024. However, the pessimistic possible downside view of analysts hope for a drawdown of 16.25% to a low of $50.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support Levels:</strong> $50.9 and $46.06</li> 
 <li><strong>Resistance Levels:</strong> $62.54 and $67.77</li> 
</ul> 
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

Shop Stock Price: Shopify Soars 26% After Third Quarter Sales

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Thecoinrepublic.com

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