Why Shopify Stock Jumped This Week
Shares of e-commerce platform provider Shopify (NYSE: SHOP) jumped this week, rising 20% through Thursday trading. That's as compared to 2.3% rally in the wider market, according to data provided by S&P Global Market Intelligence. The spike added to an excellent year so far for Shopify owners as the stock has gained 90% in 2023 while the S 500 is up 18%.
This week's increase came in response to news that Shopify is collaborating more closely with one of the biggest e-commerce giants on the market.
Amazon (NASDAQ: AMZN) said in a late Wednesday press release that it is integrating its Prime services with Shopify's checkout technology. Prime subscribers, which are estimated to number over 160 million in the U.S., will be able to seamlessly use Amazon's fast, free shipping network simply by selecting the "Buy with Prime" option when checking out with participating Shopify merchants.
Source Fool.com
Shopify Inc Stock
With 0 Sell predictions and 2 Buy predictions the community sentiment towards the Shopify Inc stock is not clear.
As a result the target price of 119 € shows a slightly positive potential of 10.82% compared to the current price of 107.38 € for Shopify Inc.
