Why Shopify Stock Is Rising Today

Shopify Inc SHOP shares are trading higher Wednesday after the company announced monthly price increases for multiple plans.

What Happened: Shopify said it's updating pricing for its Basic, Shopify and Advanced plans beginning Wednesday, per a blog post on Shopify's site.

"The price we charge for access to the best tools in commerce has remained largely unchanged for the last 12 years. Today, after much deliberation, we're announcing a change in favor of better serving our mission and our merchants," the company said.

The Basic plan is being raised from $29 a month to $39 a month. The Shopify plan (mid-tier) will move from $79 a month to $105 per month and the Advanced plan will jump $100, moving from $299 to $399 per month.

Existing merchants won't see a price change for three months, but the updated pricing is now in effect for new merchants. Shopify said existing customers can switch from monthly plans to yearly plans to keep their current monthly rates. 

Shopify is a provider of essential internet infrastructure for commerce, offering trusted tools to start, grow, market and manage a retail business of any size.

See Also: How This Man Created His Wildly Successful E-Commerce Automation Business

SHOP Price Action: Shopify has a 52-week high of $98.85 and a 52-week low of $23.63.

The stock was up 5.18% at $44.90 at the time of writing, according to Benzinga Pro.

Photo: Open Grid Scheduler from Flickr.