Shopify Stock Is Soaring This Week. Here's Why.
Shares of (NYSE: SHOP) popped over 25% this week, according to data from S&P Global Market Intelligence. The e-commerce software and payments platform reported earnings for the second quarter that wowed investors. After seeing slowing growth coming out of the COVID-19 pandemic boom, Shopify has gotten its mojo back and is now generating a solid amount of profits. However, the stock is still down year to date as of after the close on Thursday, Aug. 8.
Here's why Shopify stock flew 25% higher this week.
In the second quarter of 2024, Shopify's revenue grew 21% to $2 billion. This was driven by more spending on Shopify powered commerce websites -- known as gross merchandise volume (GMV) -- which grew 22% year over year. Sixty-one percent of Shopify's payment volume is now processed by its internal payment systems, which come with a higher take rate and therefore drive revenue growth for the business. Last year in the second quarter, this number was 58%.
Source Fool.com
Shopify Inc Stock
We see a rather positive sentiment for Shopify Inc with 6 Buy predictions and 1 Sell predictions.
With a target price of 80 € there is a slightly positive potential of 19.44% for Shopify Inc compared to the current price of 66.98 €.
