#6 - Shopify (NYSE:SHOP)
The growth of e-commerce has been a two-way street. On the one hand, you have an increase in consumer demand. But on the other hand, the pandemic gave many would-be entrepreneurs an opportunity to turn something that was previously a side hustle, or just an idea, into a full-fledged business.
In fact, according to the U.S. Census Bureau, a record number of new businesses - over 4.4 million were created in the United States in 2020 alone. And chances are, many of them have been using Shopify (NYSE: SHOP) to help their business grow.
Spotify cloud-based platform is growing in popularity and that’s reflected in the company’s financials. Through three quarters of 2021, Spotify has already eclipsed its revenue total for all of 2020, proving that it not only held onto its pandemic gains, it’s added to them. That’s one reason contributing to the 32% gain in SHOP stock this year, which outpaces the 23.8% growth in the S&P 500 Index.
About Shopify
Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.
Read More - Current Price
- $108.95
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 24 Buy Ratings, 15 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $99.03 (9.1% Downside)
