Shopify (NYSE: SHOP) has been on a bullish tear this week after the Company reported its metrics from Black Friday and Cyber Monday sales. Shopify’s stock was up 4.9% during mid-day trading sessions on Wednesday.
The Company highlighted that over one million merchants sold delivered revenues of USD 2.9 Billion across 175 countries, up from last year’s USD 1.8 Billion.
Over the course of the sales frenzy, over 25.5 million consumers made a purchase from a Shopify merchant. Consumers on average spent USD 83.05 per order, with Canadian consumers spending the most on average of USD 96.30. Meanwhile, shoppers in France spent an average of USD 66.86 per share, while shoppers in the U.K. spent roughly USD 67.01.
A number of analysts have initiated their coverage on Shopify over the past several months.
Piper Jaffray holds a price target of USD 320.00 on the stock and gives the Company a “hold” rating.
On the other hand, Zacks Investment Research downgraded Shopify’s stock from a “hold” to a “sell” rating and set a price target of USD 400.00 back in August.
Royal Bank of Canada issued an “outperform” rating on the stock and gave the stock a price target of USD 400.00 per share. Similarly, National Bank Financial has a price target of USD 400.00 on Shopify’s stock, but has a “buy” rating.
Among the firms covering Shopify, three analysts have issued a “sell” rating, 11 have given a “hold” rating, while 14 analysts have rated the stock with a “buy.” Currently, Shopify has an average rating of “hold” and an average price target of USD 335.88 per share.
Shopify shares have now gained 165.66% this year.