Shopify Inc (NYSE:SHOP) shares are trading significantly lower on above-average volume Monday. The stock may be pulling back after staging a sizable rally into Friday's market close.
Shopify's average session volume is about 2.5 million over a 100-day period, according to data from Benzinga Pro. Monday's trading session is already nearing 2 million in volume about one hour into trading.
Shopify is trending across social media platforms. It was among the top two trending stocks on Stocktwits at publication time.
On Friday, Alphabet Inc (NASDAQ:GOOG) launched its Last Mile Fleet Solution, which aims to help other companies that already have truck fleets operate more efficiently. Google's last mile solution may compete most closely with Shopify since the company offers customers delivery and warehousing solutions.
See Also: If You Invested $1000 In Shopify 5 Years Ago, Here's How Much You Would Have Today
SHOP 52-Week Range: $510.02 - $1,762.91
Shopify shares were down 15.3% at $660.50 at time of publication.
Photo: Open Grid Scheduler from Flickr.
