Shopify Inc. SHOP shares traded higher on Tuesday. The stock continued to rebound from recent losses and made a new high. Here are the details.
What To Know: Shopify stock gained by over 3% despite any company-specific news behind the move.
Prior to Tuesday’s move, shares had sold off at the end of December and in the beginning of January after rising nearly 50% since October. The decline was largely driven by losses in the broader technology sector which were linked to a rise in Treasury yields.
However, as markets continued to look for direction on Tuesday, Shopify shares were able to move upward, pushing past their December high and marking a new 52-week high for the stock.
Additionally, over the past several weeks, Shopify stock has had its price target changed by several analysts, ranging from $65 to $100.
SHOP Price Action: Shares of Shopify closed Tuesday up 3.11% at $80.11, according to Benzinga Pro.
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