Shopify Stock Is Rising Tuesday: What's Going On?

Shopify Inc SHOP shares are up about 5% Tuesday amid positive analyst coverage including an upgrade to Buy from BofA.

What Happened: BofA Securities analyst Brad Sills upgraded Shopify from Neutral to Buy and raised the price target from $78 to $82.

Separately, Wolfe Research analyst Shweta Khajuria initiated coverage on Shopify with an Outperform rating and set a price target of $80.

BofA and Wolfe Research join a growing list of analysts to issue positive updates on Shopify stock in the last month. Citigroup maintained a Buy rating and raised its price target to $96 at the end of June. Evercore ISIS upgraded Shopify to Outperform last month and set a price target of $75 and JPMorgan initiated coverage with an Overweight and price target of $74.

Shopify is expected to report earnings at the end of July, but a date has not yet been confirmed by the company. Analysts are looking for earnings of 21 cents per share and revenue of $2.009 billion, according to estimates from Benzinga Pro.

See Also: Bank of America’s Q2 Earnings: Revenue And EPS Beat, $1.5B Credit Loss Provision, Sees Q4 NII Growth

How To Buy SHOP Stock

By now you're likely curious about how to participate in the market for Shopify – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of Shopify, which is trading at $64.21 as of publishing time, $100 would buy you 1.56 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

SHOP Price Action: Shopify shares were up 5.42% at $67.68 at the time of publication, according to Benzinga Pro.

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