Shopify Stock Is Surging: What's Going On?

Shopify Inc SHOP shares are trading higher Thursday as traders circulate a video demonstrating ChatGPT integration into Shopify Flow.

What To Know: OpenAI's ChatGPT has taken the world by storm, growing users at an exponential pace in recent weeks. Microsoft Corp MSFT doubled down on its investment in Open AI ahead of earnings last month. Now it seems several AI-related stocks are running and when a company simply mentions AI, it sparks a wave of buying. 

Traders are circling a new video highlighting how Shopify users can easily generate copy inside of Shopify Flow due to OpenAI integration. The four-minute video shows how a user can generate dynamic product tags, per a tweet from @gilgNYC.

What Else Is Happening: Several analysts have also come out with positive coverage on Shopify this week after the company raised prices on its monthly plans.

Shopify's Basic plan is being raised from $29 a month to $39 a month. The Shopify plan (mid-tier) will move from $79 a month to $105 per month and the Advanced plan will jump $100, moving from $299 to $399 per month.

On Monday, Roth Capital analyst Darren Aftahi upgraded Shopify from Neutral to Buy and raised the price target from $38 to $56. The analyst expects the more expensive plans to spark increased top-line growth in 2023.

Related Link: Why This Shopify Analyst Says 'A Premium Is Warranted' Following Price Increases And A Merchant Survey

Thursday morning, Citigroup analyst Tyler Radke maintained Shopify with a Neutral rating and raised the price target from $35 to $54.

Shopify is expected to report fourth-quarter results on Feb. 15, according to Benzinga Pro

SHOP Price Action: Shopify has a 52-week high of $98.85 and a 52-week low of $23.63.

The stock was up 5.25% at $52.90 at time of publication.

Photo: Open Grid Scheduler from Flickr.

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