SHOP - Shopify Stock Is Soaring Again: Should You Buy Shares?
2023-11-10 05:05:00 ET
The bull market is back, and so is pandemic favorite Shopify (NYSE: SHOP) . After posting robust growth and showing strong operating leverage in the third quarter, the e-commerce platform gained more than 30% in the last five trading days and is closing in on a market cap of $80 billion. Year to date, the stock is up 78%.
However, that doesn't necessarily mean you missed the boat on this fast-growing company. Shopify is still down by 63% from the all-time high it set in 2021, which could indicate there is still more room to run here. Or, it could just be an example of how egregious stock valuations got during the first couple of years of the COVID-19 pandemic.
Shopify's Q3 earnings were strong across the board. As the software backbone for many online sellers, Shopify grows along with the overall e-commerce sector. It makes money through its core software subscriptions, by processing payments, and by selling add-on services to its merchant customers.
For further details see:
Shopify Stock Is Soaring Again: Should You Buy Shares?