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MARKETS LIVE BLOG:

STOCKS SHED GAINS, TESLA SURGES DAY AFTER EARNINGS

Tesla shares jump after EV maker vows to speed up launch of more affordable models

Surging Earnings Estimates Signal Good News for Shopify (SHOP)

Zacks Equity Research
·2 min read

Shopify Inc. SHOP is a global commerce company 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, seven estimates have gone higher for Shopify while one has gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 2 cents a share 30 days ago, to 5 cents today, a move of 150%.

Current Year Estimates for SHOP

Meanwhile, Shopify’s current year figures are also looking quite promising, with eight estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 51 cents per share 30 days ago to 66 cents per share today, an increase of 29.4%.

Shopify Inc. Price and Consensus

Shopify Inc. Price and Consensus
Shopify Inc. Price and Consensus

Shopify Inc. price-consensus-chart | Shopify Inc. Quote

Bottom Line

The stock has also started to move higher lately, adding 6.5% 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 #1 (Strong Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank stocks here.

More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.

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Shopify Inc. (SHOP) : Free Stock Analysis Report
 
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Zacks Investment Research