Shopify: Buy, Sell, or Hold?
's (NYSE: SHOP) shares hit a record high of $169.06 on Nov. 19, 2021. The e-commerce platform impressed the bulls with its accelerating growth, which was driven primarily by businesses selling more products online during the pandemic. The buying frenzy in growth and meme stocks amplified those gains.
Trading at about $60 today, Shopify's stock has dropped a long way from those highs. The business has lost its luster over the past three years as it lapped its pandemic-driven acceleration and faced tougher inflationary headwinds. Rising interest rates also popped its bubbly valuations -- a painful drawdown for investors who bought the stock near the top. But is Shopify worth buying again now?
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.
