Investors Love Shopify Stock, but I Wouldn't Buy It Right Now

Investors can't get enough of (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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Source Fool.com