Shopify (SHOP) shares rose 8.97% during Monday trading, advancing from Friday’s close of $113.75 as investors looked ahead to the company’s second-quarter earnings release scheduled for August 5.

The source reported that Shopify reached $123.95 intraday and also cited an intraday high of $123.00. The move came as the broader market traded lower, with the Nasdaq Composite down 0.84% and the S&P 500 slipping 0.15% during the same session.

Trading activity was notably light despite the share-price gain. About 1.2 million Shopify shares changed hands, an 88% decline compared with the stock’s typical daily volume of 10.49 million shares. The lighter volume indicated that the move was not accompanied by heavy overall trading activity.

Shopify’s upcoming Q2 2026 earnings report is expected on August 5. Analysts forecast earnings of $0.37 per share, up from $0.35 in the comparable quarter last year. Revenue estimates stand at $3.44 billion, compared with $2.68 billion reported in the prior-year period.

The company previously issued guidance in its May 5 update, projecting Q2 revenue in a range of $3.40 billion to $3.46 billion. That makes the August report a direct checkpoint for whether reported revenue lands within management’s stated range as well as how earnings compare with analyst expectations.

CEO’s AI Posts Highlight NVIDIA DGX Workstation

Interest in Shopify’s artificial intelligence initiatives also followed recent social media activity from CEO Tobias Lütke. Last week, Lütke highlighted the company’s newly acquired NVIDIA DGX Workstation, describing it as infrastructure intended for demanding artificial intelligence workloads.

According to Lütke, the system produces approximately 40 tokens per second while running the GLM-52 model. He also said it is being used to completely reconstruct Shopify’s Liquid programming language within accelerated timeframes.

The AI-related update added attention to Shopify’s technology efforts as investors continue to watch how large software and commerce platforms deploy artificial intelligence tools. For Shopify, the focus on internal development infrastructure places AI attention not only on customer-facing features but also on engineering workflows tied to the company’s core software platform.

Analyst Ratings and Price Targets

Wall Street analysts currently assign Shopify a “Moderate Buy” consensus rating, with a mean price target of $157.69, according to MarketBeat data.

Jefferies raised its rating on Shopify to Buy on July 13 and set a $160 price target. Citigroup maintained its Buy rating on July 24 but lowered its target to $150. Rothschild & Co shifted to a Neutral rating on July 21 with a $130 target.

DA Davidson continues to rate the stock Buy, though it reduced its target from $195 to $140. Barclays maintains an Equal Weight rating with a $126 price objective. BMO Capital Markets initiated coverage on July 10 with a Market Perform rating.

Technical Levels and Ownership Data

From a technical perspective, Shopify is trading above several short-term moving averages. The stock is above its 20-day simple moving average of $120.76, its 50-day SMA of $114.06, and its 100-day SMA of $117.29.

The 200-day simple moving average remains higher at $133.83. With Shopify trading about 6.8% below that level, the stock remains under the longer-term moving average despite Monday’s advance.

The source identified overhead resistance around $131 and downside support near $104.50, an area where buyers had previously defended the stock earlier in the year.

Institutional ownership accounts for approximately 69.27% of Shopify’s outstanding shares. Several asset management firms have recently increased their positions, including Smartleaf Asset Management, which raised its stake by 13.9% during Q2.

Shopify has a market capitalization of $160.69 billion. The stock trades at a price-to-earnings multiple of 122.61 and carries a beta coefficient of 2.58.