Why Shopify Stock Surged Today
Shopify (NYSE: SHOP) popped 11% on Thursday after members of its leadership team said they were purchasing shares.
Shopify's sales skyrocketed during the early stages of the pandemic when coronavirus fears and store closures drove more people to shop online. The e-commerce platform's stock price went on to more than quadruple at one point to over $1,700 per share.
However, Shopify's pace of expansion has decelerated in recent quarters, as people returned to traditional retail stores after coronavirus-related restrictions were lifted. Shopify's revenue growth slowed to 22% in the first quarter, down from 41% in the fourth quarter and a whopping 110% in the prior-year period.
Source Fool.com
