SHOP Stock Soars After Earnings Beat, Guidance Boost

Shopify shares are exploring new highs

The shares of Shopify Inc (NYSE:SHOP) are soaring this morning, after the e-commerce company stepped into the earnings confessional. The Canadian firm reported second-quarter earnings and revenue that blew away analysts' expectations, and lifted its full-year revenue forecast. The earnings beat has SHOP stock up 8% at $343.09 in early trading, exploring record highs.

Since touching an annual low of $117.87 on Dec. 24, SHOP has been on a tear. The stock has more than doubled this year, riding support at its rising 40-day moving average. Today's pop has the security set to topple a recent ceiling in the $340 region.

Despite this massive year-to-date gain, analysts still aren't sold on the stock, with 10 of the 21 in coverage calling it a "hold" or worse. Should SHOP keep surging, a round of upgrades could help propel the stock even higher. Plus, its consensus 12-month target price of $322.33 is now at a discount to current levels.

Options players, on the other hand, were going all in with the bullish bets before earnings. SHOP currently sports a 10-day call/put volume ratio of 1.68 on the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits in the 92nd percentile of its annual range, meaning calls have been picked up over puts at a much quicker clip than usual.