SHOP - Could Shopify Be in the Magnificent Seven of E-Commerce Stocks?
2024-03-05 09:20:00 ET
Shopify (NYSE: SHOP) stock has had an unusually good year, more than doubling since the start of 2023. That rally trounced the 55% spike in the tech-heavy Nasdaq Composite index and even beat e-commerce giants Amazon and eBay .
There are good reasons for Shopify's outperformance, even though its sales footprint is tiny compared with many of its peers. The digital selling infrastructure specialist has room to boost its market share over the next decade, for example. And it can easily improve its earnings power at the same time. Let's look at why Shopify might just be among the best e-commerce stocks that an investor can buy right now.
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Could Shopify Be in the "Magnificent Seven" of E-Commerce Stocks?