It seems like everyone's favorite stock during the pandemic was Shopify (NYSE: SHOP). The e-commerce and digital-payments platform was growing year-over-year revenue at close to 100% as online shopping boomed, with shares zooming up over 300% from the stock-market bottom in March 2020. But with the pandemic catalyst fading, investors lost their enthusiasm for Shopify, sending shares down over 80% from all-time highs in 2022.  

This year -- along with the resurgent bull market in large-cap technology stocks -- shares of Shopify soared yet again, up over 80% as of this writing. Its market cap is now up to $80 billion. With the stock still off 63% from recent highs, some investors might think there is still room for Shopify to run higher in the next few years. But if you look at its valuation and growth potential, the numbers just don't add up. In fact, I think there is a good chance Shopify shares will be lower five years from now, not higher. Here's why. 

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Source Fool.com