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 …