Shopify Inc (NYSE: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 (NASDAQ: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.
