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Shopify (NYSE: SHOP) was one of the market's hottest growth stocks in 2021. The Canadian e-commerce service provider's shares closed at a record high of $169.06 on Nov. 19 that year at the apex of the buying frenzy in growth and meme stocks.
But today, Shopify trades 56% lower at about $75 a share. The bulls retreated as its growth cooled off, its margin shrank, and rising rates compressed its valuations. Yet despite all of those challenges, it might be a great buy for four simple reasons.