What's Going On With Shopify Shares Today?

Shopify Inc. SHOP shares, which rose yesterday following several analyst upgrades, are trading lower Wednesday amid a broader tech selloff affecting the market, particularly in chips and AI-related stocks. Here’s what you need to know.

What’s Going On: Shopify is set to announce second-quarter results next month. The conference call will be available via a webcast on the investor relations section of Shopify's website. Analysts are estimating EPS of 21 cents and revenue of $2.0 billion for the second quarter.

What Else: BofA Securities analyst Brad Sills upgraded Shopify from Neutral to Buy and increased the price target from $78 to $82. Additionally, Wolfe Research analyst Shweta Khajuria initiated coverage with an Outperform rating and set a price target of $80.

These updates join a series of analyst notes over the past month, including Citigroup’s Buy rating with a raised price target to $96, Evercore ISIS's upgrade to Outperform with a $75 price target and JPMorgan's initiation of coverage with an Overweight rating and a $74 price target.

SHOP Price Action: Shopify shares were down by 7.04% at $64.81 at market close Wednesday according to Benzinga pro.