Shopify stock (SHOP): what moves it, explained simply
Shopify is a Canadian company with two home exchanges. Its chart swings with one big question: how much are millions of online stores selling?
This page explains how the stock tends to move. It isn't a recommendation to buy or sell it.
At a glance
| Item | Shopify (SHOP) |
|---|---|
| What it is | A Canadian commerce-software company. Businesses use it to run online stores, shop checkouts and payments |
| Where it trades | Nasdaq (since March 2025, moved from the NYSE) and the Toronto Stock Exchange, ticker SHOP on both |
| Indexes it's in | Nasdaq-100 (since May 2025). It isn't in the S&P 500, which only takes US-based companies |
| Earnings | 4 times a year, before the open, usually February, May, August and November |
| What moves it most | Gross merchandise volume, revenue growth, profit margins, guidance |
| How it tends to move | Fast. Big daily swings are common and earnings gaps can be large |
| Regular hours | 9:30 am–4:00 pm ET, plus pre-market and after-hours sessions |
What the company does
Shopify gives businesses the tools to sell online and in person: a store website, a checkout, payments, shipping help and more.
It earns two ways. Subscription solutions are the monthly plans merchants pay. Merchant solutions are fees tied to what merchants sell, mostly payments through Shopify Payments. The second one grows when shoppers spend more.
What moves it
- Gross merchandise volume (GMV). The total value of goods sold through Shopify stores. It's the key growth number.
- Revenue growth and margins. Investors watch both how fast it grows and how much profit it keeps. See Earnings report.
- Guidance. The outlook for next quarter often moves it more than the past quarter. See Guidance.
- The holiday season. Black Friday and Cyber Monday are big tests for merchants. The fourth-quarter report, in February, shows the result.
- Rates. Fast-growing stocks are often sensitive to interest rates. See how interest rates affect stocks.
- Trade rules and shoppers. Tariffs and the spending mood affect the merchants Shopify serves.
When it's busiest
- Earnings mornings: results come out before 9:30 am ET. The open carries the reaction.
- 9:30–10:30 am ET: the open.
- Toronto overlap: the Toronto Stock Exchange keeps the same hours, 9:30 am–4:00 pm ET, so both listings trade at once.
US stock hours stay 9:30 am–4:00 pm ET all year. Extended-hours times depend on your broker.
Its personality
- High-energy. SHOP has often moved much more each day than big steady stocks.
- Growth mood. It tends to rise and fall with how the market feels about growth stocks overall.
- Two prices. The Toronto listing trades in Canadian dollars and the Nasdaq one in US dollars. Same company, different currency.
- Split history. It did a 10-for-1 Stock split in 2022. Old charts are adjusted, so the shape stays the same.
Reading it with our method
Start on the daily chart. Mark the last places price turned around. Are the highs and lows stepping up or stepping down? Trade with that direction.
Then go to your entry chart. Only a candle body closing past a level counts. Fast stocks paint lots of tails.
Because SHOP moves fast, stops often need more room. Set the stop from the chart, then size from the stop. Example: your stop is $5 below your entry and your plan risks $50. That's $50 ÷ $5 = 10 shares. The position size calculator does the math. A math example, not a promise. Any trade can lose.
A wider stop isn't more risk if the size shrinks to match. That's the whole point of sizing from the stop.
Common mistakes
- Using a tight stop on a fast stock. Normal wiggles can knock you out. Give the chart room, then cut size.
- Mixing up the two listings. Check which exchange and currency your chart shows.
- Holding full size into earnings. A gap can jump past your stop. See gap trading explained.
- Chasing a hot week. Fast runs can reverse fast. Wait for a body close past a level.
Questions
Where does Shopify stock trade?
On the Nasdaq in the US and the Toronto Stock Exchange in Canada, under the ticker SHOP on both. It moved its US listing from the NYSE to the Nasdaq in March 2025.
Is Shopify in the S&P 500?
No. Shopify is based in Canada, and the S&P 500 only includes US-based companies. Shopify joined the Nasdaq-100 in May 2025.
When does Shopify report earnings?
Four times a year, before the US market opens, usually in February, May, August and November. Check Shopify's investor site for exact dates.
What is GMV for Shopify?
Gross merchandise volume is the total value of orders placed through Shopify-powered stores. Shopify keeps only a small part of it as fees.
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