1 Growth Stock Down 56% to Buy Right Now
(NYSE: SHOP) was one of the market's hottest growth stocks in 2021. The Canadian e-commerce service provider's shares closed at a record high of $169.06 on Nov. 19 that year at the apex of the buying frenzy in growth and meme stocks.
But today, Shopify trades 56% lower at about $75 a share. The bulls retreated as its growth cooled off, its margin shrank, and rising rates compressed its valuations. Yet despite all of those challenges, it might be a great buy for four simple reasons.
Image source: Getty Images.
Source Fool.com
Shopify Inc Stock
€67.65
-0.850%
Currently there is a rather positive sentiment for Shopify Inc with 5 Buy predictions and 1 Sell predictions.
As a result the target price of 75 € shows a slightly positive potential of 10.86% compared to the current price of 67.65 € for Shopify Inc.
