Short SHOP

Overbought on low volume.

Short 750, Stop 775, Target 1 670, Target 2 590.

Shopify has benefitted from an increase in stores on the platform during the pandemic but this short term metric does not justify a longer term price. Yes, it's been necessary for traditional brick and mortar only to migrate to e-commerce but this is priced like those customers are going to be around for the net 20 years, not just implementing an emergency strategy to survive in this extraordinary time. Great first quarter results, and a sound business, but a little too rich at this time.