Down 80% year to date, Shopify's (NYSE: SHOP) decline has far outpaced that of the Nasdaq Composite index, which has "only" fallen 33% in the same period. The beleaguered e-commerce platform hasn't held up well after the COVID-19 pandemic. And while its unique business model gives it an economic moat, slowing growth and a high valuation should give investors pause. 

Founded in 2004 and going public in 2015, Shopify is an e-commerce platform designed to help small businesses create customized online stores where they can sell items both online and in-person. It differentiates itself from large third-party online marketplaces such as Amazon by focusing on merchants instead of the end consumer. 

Like most e-commerce companies, Shopify performed exceptionally well during the COVID-19 pandemic, which led to booms in both online shopping and online entrepreneurship. However, now that the crisis has eased, investors are beginning to reevaluate the company's value. 

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Source Fool.com