On Sunday evening, Benzinga asked its followers on Twitter what they’re buying at the open on Monday. From the replies Benzinga selected one ticker for technical analysis.
@EGT_AlAli, and @carlousa14 are buying Shopify Inc.
Shopify is set to print its first-quarter earnings before the market open on Thursday. When the Ottawa-based e-commerce company reported its fourth-quarter earnings on Feb. 16, the stock gapped down over 10 percent the following day and slid an additional 6 percent intraday. For that quarter, Shopify reported EPS of $1.36, which missed the consensus estimate of $1.58.
Heading into the event, a number of analysts have weighed in on the stock: On Monday, Keybanc maintained an Overweight rating on Shopify but lowered its price target to $650; on April 25, RBC Capital cut Shopify’s price target from $1,300 to $1,000; and on April 19, Piper Sandler lowered its price target from $900 to $800. The lowest price target implies a 52 percent move to the upside.
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