Why Buying Shopify Stock Now Could Be a Genius Move
Few companies symbolize the rise and fall of tech stocks over the past two years better than Shopify (NYSE: SHOP). Before the pandemic, the stock peaked at around $50 per share and reached a high of nearly $170 last November. Now, the stock trades around $40 per share, 20% down from its pre-pandemic high.
Were the pandemic gains too much? Absolutely. Is the stock's current price reasonable? I don't think so. Shopify has made significant strides over the past two years, even with some stumbles. I think better days are ahead, and investors should use the stock's current weakness to establish a position.
Shopify's software gives any company the tools to run an online store, including a website, payment processing, and inventory management. At its lowest tier, a Shopify store is only $29 per month, but this price can quickly increase with more add-ons.
Source Fool.com
