On August 3, Shopify rose 3.81% in regular trading, trading at $119.66/share, with turnover of $176 million.

On the news front, the company is scheduled to release its Q2 earnings before markets open on August 5. Consensus estimates call for revenue of $3.444 billion, representing approximately 35% year-over-year growth, and adjusted earnings per share of $0.40, up nearly 40% year-over-year. Ahead of the report, Benchmark reaffirmed its buy rating with a $145 price target, while Jefferies previously upgraded the stock to buy and set a $160 target. Institutions are broadly optimistic about Shopify's AI-powered agentic commerce initiatives and payment business growth trajectory. The concentration of bullish institutional commentary combined with the approaching earnings date prompted capital to position early, driving shares higher.

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