Why Shopify Stock Jumped This Week
Shares of e-commerce platform provider Shopify (NYSE: SHOP) jumped this week, rising 20% through Thursday trading. That's as compared to 2.3% rally in the wider market, according to data provided by S&P Global Market Intelligence. The spike added to an excellent year so far for Shopify owners as the stock has gained 90% in 2023 while the S 500 is up 18%.
This week's increase came in response to news that Shopify is collaborating more closely with one of the biggest e-commerce giants on the market.
Amazon (NASDAQ: AMZN) said in a late Wednesday press release that it is integrating its Prime services with Shopify's checkout technology. Prime subscribers, which are estimated to number over 160 million in the U.S., will be able to seamlessly use Amazon's fast, free shipping network simply by selecting the "Buy with Prime" option when checking out with participating Shopify merchants.
Source Fool.com
Shopify Inc Stock
Shopify Inc is currently one of the favorites of our community with 6 Buy predictions and no Sell predictions.
With a target price of 70 € there is a positive potential of 41.16% for Shopify Inc compared to the current price of 49.59 €.
