SHOP - 1 Growth Stock Down 33% to Buy Right Now
2024-06-12 05:45:00 ET
In an environment where e-commerce companies have performed well recently, Shopify 's (NYSE: SHOP) stock has struggled. Since surging above $91 per share in February, lowered sales guidance seems to have weighed on sentiment. Consequently, it sells at a 33% discount to its 52-week high.
That leaves investors questioning whether they should take advantage of the discounted stock price or hold out for a deeper discount. Still, with its market leadership and continuing growth, it might be time to add a position, and here's why.
In one sense, Shopify looks like it is continuing to prosper. It first grabbed the attention of both prospective customers and investors by producing an e-commerce platform that stood out because merchants could customize it without any coding knowledge. Reasonable pricing and a speedy site also helped it stand out.
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1 Growth Stock Down 33% to Buy Right Now