SHOP - Shopify Hits a Post-Pandemic High: Time to Buy the Stock?
2024-02-06 05:17:00 ET
Shopify (NYSE: SHOP) investors are partying like it's early 2022. The e-commerce platform stock recently crossed $80 per share to set a new post-pandemic peak. Shopify's all-time high was $153 in late 2021, but shares dropped as low as $43 in the subsequent slump.
Still, the rally over the past year raises the risk that investors will pay too high of a price for Shopify if its sales and earnings trends disappoint. Let's take a closer look at the prospects for this volatile growth stock.
There's no mystery around why shares have jumped in recent months. Sure, the bigger picture involves a rallying Nasdaq Composite index that pushed many tech stocks higher in 2023. But Shopify has also done plenty to boost Wall Street's optimism about the business.
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Shopify Hits a Post-Pandemic High: Time to Buy the Stock?