SHOP - Shopify Stock Is Dropping Like a Ton of Bricks. Is This an Opportunity to Buy on the Dip?
2024-05-15 08:25:00 ET
All eyes were on Shopify (NYSE: SHOP) last week as it reported its first-quarter earnings results. With the stock up over 120% in the lead-up to the earnings release, investors had high expectations, so its weak outlook was met with severe consequences. Shopify stock has plunged 24% since then.
Is this short-term dip a buying opportunity? Let's see how Shopify is doing and where it's likely headed.
Shopify is a global leader in e-commerce software, and its platform accounted for 28% of the U.S. market as of 2023. It has millions of customers that rely on it to operate their online businesses, and it has expanded in several important directions.
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Shopify Stock Is Dropping Like a Ton of Bricks. Is This an Opportunity to Buy on the Dip?