Here's Why Shopify Stock Declined Today
Shares of Shopify (NYSE: SHOP) slid on Wednesday, one day after they reached a record high of $1,134.32. It's likely that some investors were cashing in on the stock's recent gains.
The e-commerce platform company's stock was down by as much as 6.3% today and closed lower by 5.3%.
Shopify's share price has risen 170% this year as the company has benefited from increased e-commerce demand. As the coronavirus pandemic forced people to stay at home over the past several months, online retail sales have spiked. In the fourth quarter of 2019, e-commerce accounted for 11% of U.S. retail sales, but by the second quarter of 2020, that figure had reached 16%.
Source Fool.com
