SHOP - Up Over 100% in 2023 Is Shopify Stock a Buy?
2023-12-04 07:27:00 ET
Investors have some good reasons to believe that they've missed out on Shopify (NYSE: SHOP) stock. The e-commerce platform specialist's shares have more than doubled this year, easily outpacing the 37% rally in the Nasdaq Composite index.
Soaring gains like that increase the risk that optimism has gotten out of hand on Wall Street. Yet Shopify is doing its part to earn a higher premium through accelerating sales growth and increasing profitability. Here's why those gains might make the stock worth buying, even after its big rally in 2023.
It's clear from Shopify's latest earnings results that the company is cashing in on more than just rising e-commerce demand. Merchants are finding more value in its expanding suite of services, too.
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Up Over 100% in 2023, Is Shopify Stock a Buy?