Shopify shares hit fresh 52-week high as Wall Street turn more bullish

$94.5B

Shares of Shopify jumped over 5% on Thursday, hitting a fresh 52-week high. Shopify helps millions of businesses worldwide build, manage, and scale online stores. Earlier this week, Shopify topped Wall Street’s Q4 earnings estimates after its profit more than doubled for the quarter and revenue grew 31% to $2.81 billion.

Meanwhile, gross merchandise volume — a key metric for the business — jumped 26% to $94.46 billion, the biggest spike since the pandemic. On Tuesday, Morgan Stanley’s Keith Weiss hiked his price target on Shopify to $144. Today, Oppenheimer’s Kenneth Wong followed suit, lifting his forecast to $150 and highlighting further upside potential.

Shopify has benefited from new storefronts and expansions from major brands like Reebok and Warner Music Group. The stock is up more than 172% over the past year.

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