Shopify (SHOP) - ★★★★
Ranked #10 in Q3 Large Cap Equity Rankings
Shopify (SHOP) Stock Update
SHOP up 22% in early morning trading today
Recent performance:
Down 66% over last 6 months (from $90 in Feb 2024 to $54 yesterday)
Still down 12% YTD as of early trading
Today's surge may signal a turning point
Our outlook:
Positive in the intermediate term
★★★★ rating
Ranked #10 in our Q3 Large Cap Equity Rankings (released last month)
Q2 2024 earnings highlights: This strong earnings report likely driving today's stock performance
Revenue: $2.05 billion (21% Y/Y growth)
Beat analyst consensus of $2.01 billion
25% Y/Y growth when adjusting for sale of logistics businesses
Despite recent underperformance, today's surge aligns with our positive outlook. We'll continue monitoring SHOP for potential trend reversal.
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