Shopify Stock Is Hitting 52-Week Highs: What's Going On?

Shopify Inc SHOP shares are trading higher on above-average volume Monday on the heels of positive analyst coverage from Jefferies.

What Happened: Jefferies analyst Samad Samana maintained Shopify with a Hold rating and raised the price target from $44 to $65.

Shopify has an average session volume of approximately 16 million. Monday's trading volume has already exceeded 17 million at publication time.

See Also: SoFi Technologies Stock Is Surging: What's Going On?

SHOP Price Action: Shopify is making new 52-week highs on Monday. The stock is up more than 88% year-to-date.

Shopify shares were up 6.13% at $65.12 at the time of publication, according to Benzinga Pro.

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