1 Growth Stock Down 56% to Buy Right Now
(NYSE: SHOP) was one of the market's hottest growth stocks in 2021. The Canadian e-commerce service provider's shares closed at a record high of $169.06 on Nov. 19 that year at the apex of the buying frenzy in growth and meme stocks.
But today, Shopify trades 56% lower at about $75 a share. The bulls retreated as its growth cooled off, its margin shrank, and rising rates compressed its valuations. Yet despite all of those challenges, it might be a great buy for four simple reasons.
Image source: Getty Images.
Source Fool.com
Shopify Inc Stock
€56.32
0.810%
Our community is currently high on Shopify Inc with 4 Buy predictions and 0 Sell predictions.
With a target price of 75 € there is a positive potential of 33.17% for Shopify Inc compared to the current price of 56.32 €.
