Shopify (NYSE: SHOP), one of the hottest growth stocks in recent years, has already declined more than 30% this year. The e-commerce giant's growth accelerated throughout the pandemic as more merchants opened online stores, but it faced tougher year-over-year comparisons as brick-and-mortar stores reopened. Meanwhile, rising inflation and higher interest rates caused investors to dump frothier growth stocks like Shopify, which traded at 37 times its estimated 2021 sales when its stock hit a record high of $1,762.92 last November. Read More...
Shopify (NYSE: SHOP), one of the hottest growth stocks in recent years, has already declined more than 30% this year. The e-commerce giant’s growth accelerated throughout the pandemic as more merchants opened online stores, but it faced tougher year-over-year comparisons as brick-and-mortar stores reopened. Meanwhile, rising inflation and higher interest rates caused investors to dump frothier growth stocks like Shopify, which traded at 37 times its estimated 2021 sales when its stock hit a record high of $1,762.92 last November.
