Shopify (NYSE:SHOP) stock is getting hit hard on Wednesday and that has some investors wondering if now is the right time to buy the shares.
There’s no news directly from Shopify that explains the drop for SHOP stock today. Instead, it looks like poor earnings results from Netflix (NASDAQ:NFLX) are behind the dip. NFLX missed revenue estimates and posted a major subscriber loss. This has other growth stocks, even those outside of its market, taking a hit.
While SHOP stock is dropping alongside NFLX stock today, it might not stay down. If that’s the case, then this would be a good time for investors to take a stake, or increase their holdings, in the e-commerce company.
But you’ll want to hear what experts have to say about that first. So, let’s get into what analysts are saying about SHOP stock below!
Is SHOP Stock a Buy Right Now?
- Piper Sandler analyst Brent Bracelin kicks off the analyst coverage with a reiterated “overweight” rating for the stock. However, he also dropped his price target for SHOP stock from $900 per share to $800 per share.
- Benchmark is up next with the firm initiating coverage of SHOP stock with a “hold” rating last week. That rating comes without a price target for the company’s shares.
- Wells Fargo initiated coverage of SHOP shares earlier this month with an “overweight” rating. It also has an $834 price target for the stock.
For the record, the consensus rating for SHOP stock is “buy.” This comes from 20 “buy” ratings and 16 “hold” ratings. In addition to that, the consensus price target is $1,123.59 per share. SHOP was trading at $606.01 when markets closed yesterday.
SHOP stock is down 10.7% as of Wednesday afternoon and is down 60.3% since the start of the year.
Investors seeking more recent stock market coverage will want to keep reading!
We’ve got all the latest stock news traders need to know about today! Among that is what’s happening with shares of International Business Machines (NYSE:IBM) stock, NFLX stock, and cannabis stocks. You can get up to speed on all these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.