Even Shopify Can Be a Penny Stock With Fractional Shares

Shopify (NYSE: SHOP) was a clear winner from shutdown orders that shuttered businesses around the globe. In the early days of the pandemic, between March 13, 2020, and April 24, 2020, the number of new stores using the Canadian e-commerce platform's tools soared by 62%.

Though fourth-quarter earnings haven't been announced yet, by virtually every other metric, 2020 was a banner year for Shopify. In the third quarter, total revenue was up 96% from the same quarter in 2019. Gross profits were up 87%. While that momentum may slow down a tad, there are plenty of reasons to think it will be a winning growth stock, with an estimated total addressable market of $78 billion.

But Shopify shares are expensive for beginning investors. In the past year, they've surged 155% to just under $1,200 as of Jan. 22.

Source Fool.com