Why Shopify Stock Plummeted by Over 8% on Thursday

Shopify (NYSE: SHOP) stock wasn't a choice item among investors Thursday. The e-commerce facilitator's shares took a more than 8% hit on the day. This occurred on the back of a fresh analyst price cut and scuttlebutt that the company might soon be on the hook for a pricey acquisition.

Of those two items, it's likely that the buyout rumor moved the share price more. In an article updated Wednesday afternoon, Bloomberg wrote that Shopify is in discussions to purchase a tech start-up called Deliverr, which, as its name implies, assists e-commerce companies in getting their products to consumers quickly.

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Source Fool.com