Investors Love Shopify Stock, but I Wouldn't Buy It Right Now
Investors can't get enough of (NYSE: SHOP) stock. It's up more than 100% this year as it continues to crank out double-digit sales growth while getting costs under control. It's a leading e-commerce stock with long-term opportunity, and as inflation looks like it might be beginning to abate, it could be a winner even in the short term.
I'll explain why the premise is solid. But then I'll tell you why I still wouldn't buy it today.
E-commerce has been a buzzword for years already, but it has come into its own over the past few years since customers have become more reliant on digital shopping. According to Statista, e-commerce is expected to expand at a compound annual growth rate of nearly 10% through 2028. It reached 21% of total retail sales in 2022 and expects to hit 25% by 2025.
Source Fool.com
Shopify Inc Stock
Our community is currently high on Shopify Inc with 5 Buy predictions and 0 Sell predictions.
With a target price of 75 € there is a positive potential of 35.01% for Shopify Inc compared to the current price of 55.55 €.
