Canadian e-commerce company Shopify (NYSE:SHOP) rallied in pre-market trading on Monday after the company announced its best Black Friday sales ever. The company announced that it had record-breaking Black Friday sales of $3.36 billion from the start of “Black Friday in New Zealand through the end of Black Friday in California.”
This indicates a 17% growth in sales over Shopify’s Black Friday sales in 2021. At its peak, the company saw sales worth $3.5 million per minute at 12:01 PM EST on Black Friday. The average cart price was $105.10 on a constant currency basis.
Is Shopify a Buy, Sell, or Hold?
Analysts remain cautiously optimistic about SHOP stock with a Moderate Buy consensus rating based on 11 Buys and 18 Holds. SHOP stock has surged by more than 95% year-to-date and the average SHOP price target of $68.10 implies a downside potential of 3.2% at current levels, indicating that the stock may be overvalued at current levels.
