SHOP - Investors Love Shopify Stock but I Wouldn't Buy It Right Now
2023-11-28 10:00:00 ET
Investors can't get enough of Shopify (NYSE: SHOP) stock. It's up more than 100% this year as it continues to crank out double-digit sales growth while getting costs under control. It's a leading e-commerce stock with long-term opportunity, and as inflation looks like it might be beginning to abate, it could be a winner even in the short term.
I'll explain why the premise is solid. But then I'll tell you why I still wouldn't buy it today.
E-commerce has been a buzzword for years already, but it has come into its own over the past few years since customers have become more reliant on digital shopping. According to Statista, e-commerce is expected to expand at a compound annual growth rate of nearly 10% through 2028. It reached 21% of total retail sales in 2022 and expects to hit 25% by 2025.
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Investors Love Shopify Stock, but I Wouldn't Buy It Right Now