1 Magnificent Stock Down 16% to Buy Hand Over Fist Before It Is Too Late
's (NYSE: SHOP) outstanding run on the stock market in 2023 came to a screeching halt after the company released its second-quarter 2023 results on Aug. 2. Shares of the Canadian e-commerce platform provider were down 5% in a single session following the release of its results, and it is worth noting that the stock has lost more than 16% of its value in August already.
Investors who bought Shopify at the end of last year saw their investments nearly double in early July, but the fast-growing tech company has lost its wheels of late.
The stock is still up 62% year to date, but its latest pullback and weak Wall Street sentiment mean that savvy investors now have an opportunity to buy it at a relatively attractive valuation. Let's see why you may not want to miss this chance.
Source Fool.com
Shopify Inc Stock
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 8.87% compared to the current price of 68.89 € for Shopify Inc.
