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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Amazon doubles down on groceries with new private-label collection, sending grocery stocks lower

Amazon on Wednesday launched Amazon Grocery, a new private-label food brand that combines its Fresh and Happy Belly lines into one collection.

The label covers more than 1,000 staples, from milk and eggs to olive oil and fresh meat, with most items priced under $5. Shares of Amazon were little changed, but grocery-selling rivals Target, Walmart, and Kroger all slipped around 2% following the announcement. Costco also slipped about 1%.

The launch highlights Amazon’s growing push into both grocery and private-label essentials as more customers trade down to cut costs. In August, the e-commerce giant added perishable groceries to same-day delivery in 1,000 cities and towns across the country.

At the same time, Amazon said shoppers purchased 15% more private-brand products in 2024 compared to the previous year across Amazon.com, Whole Foods Market, and Amazon Fresh.

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