On Wednesday, Shopify stock got an upgrade for its IBD SmartSelect Composite Rating from 94 to 96. The stock sports a Relative Strength Rating of 95.
The upgrade means the stock is now outpacing 96% of all other stocks in terms of key performance metrics and technical strength. The best stocks tend to have a 95 or better grade as they begin to launch a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Shopify stock is currently consolidating and out of buy range after breaking out from a 49.86 buy point in a cup with handle. Look for the stock to break out on heavy volume.
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Shopify stock sports a 90 EPS Rating, meaning its recent quarterly and longer-term annual earnings growth tops 90% of all stocks.
Its Accumulation/Distribution Rating of C shows a roughly equal amount of buying and selling by institutional investors over the last 13 weeks.
In Q2, the e-commerce solutions company reported 0% earnings-per-share growth. Top line growth rose 31%, up from 25% in the prior quarter. That marks one quarter of rising revenue increases.
Shopify stock holds the No. 8 rank among its peers in the Computer Software-Enterprise industry group. ServiceNow, Workday and Manhattan Associates are among the top 5 highly-rated stocks within the group.
