In a welcome move, Shopify stock saw its Relative Strength Rating improve from 68 to 73 on Tuesday.
IBD's proprietary rating measures market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price movement over the trailing 52 weeks compares to all the other stocks in our database.
History shows that the best stocks typically have an RS Rating of over 80 as they launch their biggest runs. See if Shopify stock can continue to show renewed price strength and clear that threshold.
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Is Shopify Stock A Buy?
Shopify stock barely dipped below its 200-day moving average Tuesday, amid a market selloff. Now is not the time to add shares, but look for the stock to create a new chance to pick up shares like a three-weeks tight or pullback to the 50-day or 10-week line.
The enterprise software firm for business owners posted 86% EPS growth last quarter. Sales gains came in at 21%.
Shopify stock holds the No. 9 rank among its peers in the Computer Software-Enterprise industry group. Palantir Technologies, monday.com and ServiceNow are among the top 5 highly rated stocks within the group.
