What happened Shares of e-commerce platform provider Shopify (NYSE: SHOP) took a hit on Tuesday, extending a bearish trend for shares this year. The stock is down 38% year to date. The growth stock is likely down due to a combination of a tough day in the overall market and another price-target cut on Shopify shares from an analyst. Image source: Getty Images. So what KeyBanc analyst Josh Beck lowered his price target for the stock on Tuesday, dropping it from $1,750 to $1,250. This revised price target is still well above where shares are trading today -- around $850 -- so the analyst kept an overweight rating (similar to a buy rating) on the stock. This move follows Wedbush's decision yesterday to lower its price target on the stock. Wedbush analyst Ygal Arounian gave shares a $1,296 price target (down from $1,500), citing concerns about rumors that the company is facing some challenges to successfully build out its fulfillment network. But this analyst similarly kept the equivalent of a buy rating on the stock. Highlighting a tough day in the market on Tuesday, the S&P 500 is down more than 2% as of this writing, and the Nasdaq Composite is down about 2.5%. Now what Shopify investors might have to wait awhile before they hear from management about how business is going. The company typically reports on its fourth quarter around mid-February. But maybe Amazon's (NASDAQ: AMZN) upcoming earnings report on Feb. 3 could shed some light on how e-commerce is performing recently, although Shopify has notably been growing much faster than Amazon recently -- so investors are likely hoping this remained the case in the fourth quarter. Find out why Shopify is one of the 10 best stocks to buy now Our award-winning analyst team has spent more than a decade beating the market. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed their ten top stock picks for investors to buy right now. Shopify is on the list -- but there are nine others you may be overlooking. Click here to get access to the full list! *Stock Advisor returns as of January 10, 2022 John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Daniel Sparks has no position in any of the stocks mentioned. His clients may own shares of the companies mentioned. The Motley Fool owns and recommends Amazon and Shopify. The Motley Fool recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify. The Motley Fool has a disclosure policy.Source