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4-Traders Homepage  >  Equities  >  Nyse  >  Shopify Inc (US)    SHOP   CA82509L1076

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Shopify US : stock falls for a second day after business model challenged by Citron

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10/05/2017 | 05:14pm CEST

TORONTOShopify Inc. (TSX:SHOP) stock has plunged for a second day, following a prominent short-seller's claim that it's running an overvalued get-rich-quick scheme.

The Canadian technology company issued a defence of its business early Thursday but didn't specifically refer to allegations published by Andrew Left of Citron Research.

After Left's comments, Shopify stock plunged by 11.5 per cent on Wednesday and it was down another seven per cent Thursday morning at the Toronto Stock Exchange.

On the New York Stock Exchange, Shopify was at US$97.91 at 10:30 a.m., down from Tuesday's close at US$120 but still above Left's estimate of its value at US$60.

Among other things, Left questioned how many of the merchants that use Shopify would meet the guidelines set by the U.S. Federal Trade Commission. His accusations have not been substantiated by the FTC, which has said it can not comment on the matter.

Shopify posted a prominent statement on its website Thursday morning, saying that it stands behind its mission and the success of the merchants that use its system.

"Shopify's growing community of entrepreneurs includes makers, creators and innovators, from students trying to pay for school to merchants who have successfully scaled their businesses," the company said.

"Shopify has always strived to take the path that leads to more entrepreneurs by designing its platform to remove the technical, operational, and financial barriers to enable anyone, anywhere, to build, grow, and scale a business."

© 2017 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials ($)
Sales 2017 650 M
EBIT 2017 -7,77 M
Net income 2017 -60,1 M
Finance 2017 848 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 14,2x
EV / Sales 2018 9,88x
Capitalization 10 062 M
Chart SHOPIFY INC (US)
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Shopify Inc (US) Technical Analysis Chart | SHOP | CA82509L1076 | 4-Traders
Technical analysis trends SHOPIFY INC (US)
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 110 $
Spread / Average Target 7,4%
EPS Revisions
Managers
NameTitle
Tobias Albin Lütke Chairman & Chief Executive Officer
Harley Finkelstein Chief Operating Officer
Russ Jones Chief Financial Officer
Jeremy Seth Levine Independent Director
Steven A. Collins Independent Director
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