Shopify stock hit an all-time high in intraday trading on Monday, then reversed in a bearish failed break-out.
Shopify stock had climbed as much as 5.8% to 1,552.06 on Monday. Its previous high of 1,499.75 was set on Feb. 10.
Shopify hosts its virtual Unite user conference on June 29.
The e-commerce firm recently expanded partnerships with Alphabet‘s (GOOGL) Google and Facebook (FB). Shopify, an investor in hot startup Stripe, apparently has shrugged off investor concern over executive departures.
No 2021 Guidance Offered For Shopify Stock
Shopify stock holds a Relative Strength Rating of 85 out of a best-possible 99.
The company’s earnings boomed in 2020 as merchants rushed to set up online storefronts, but analysts expect earnings and revenue growth to slow markedly in the back half of 2021 as economies reopen. The Canada-based company has not provided 2021 guidance.
Shopify sets up e-commerce websites for small businesses, and partners with others to handle digital payments and shipping. Also, Shopify is building a U.S. distribution network to store and ship products for its merchant customers.
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