Why Shopify Shares Are Falling Today

Shopify Inc SHOP is trading lower Tuesday following bearish analyst coverage from Keybanc.

Keybanc analyst Josh Beck maintained Shopify with an Overweight rating and lowered the price target from $1750 to $1250.

Beck said he lowered the price target on the stock "to better reflect market conditions." The Keybanc analyst expects 2022 revenue growth to be in the low-30% range.

Beck also cited multiple risks that could hold Shopify shares back from reaching estimates including "competition, ability to maintain economic terms with third-party partners, marketing efficiency, platform reliability and security, investment requirements, and macroeconomic and market conditions."

Shopify offers an e-commerce platform primarily to small and midsize businesses, helping merchants to market and manage their businesses.

See Also: Why American Express Stock Is Trading Higher Today

SHOP Price Action: Shopify has traded as low as $780 and as high as $1762 over a 52-week period.

The stock was down 8.19% at $863.39 at time of publication.

Photo: Open Grid Scheduler from Flickr.

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