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Shopify’s stock has exploded 140% in the last two months making it briefly the biggest company in Canada. Here is why analysts think it won’t get any bigger. [Video]

ReutersThe logo of Shopify is seen outside its headquarters in Ottawa

  • Shopify’s stock has soared 140% in the last two months as many shoppers flock to e-commerce with lockdowns in place.
  • The stock has risen 4,600% since the stock went public five years ago.
  • Shopify reported earnings of $US470 million in 1Q, 47% higher year-on-year.
  • Analysts think Shopify is overpriced and shoppers may flock back to the likes of Amazon.
  • Visit Business Insider’s homepage for more stories.

Shopify overtook Royal Bank of Canada to become the country’s largest company by market cap earlier this month as the stock surged 140% in the last two months alone, and it emerges as one of the biggest winners during the pandemic.

It currently boasts a market cap of 92.3 billion Canadian dollars ($US66.4) and has now slipped back to become Canada’s second-largest company by market cap.

Coronavirus has torpedoed economic activity and led most conventional stores to shut down, leaving …

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