Shopify’s stock pops as the e-comm giant ditches the NYSE for the tech-heavy Nasdaq
The e-commerce giant will now join some of the world’s biggest tech companies.
Shares of Shopify jumped nearly 6% on Wednesday after the e-commerce platform announced plans to move its stock listing to the Nasdaq.
Shopify powers millions of businesses worldwide, helping them build, manage, and scale online stores. The switch marks the end of nearly a decade on the New York Stock Exchange and the Toronto Stock Exchange, where Shopify first went public in 2015. Its Class A shares will be delisted from the NYSE after trading closes on Friday, March 28, and will resume on Monday, March 31, under the same ticker: SHOP.
Shopify has been on a winning spree lately. In February, the company reported Q4 profit that more than doubled and saw its biggest jump in gross merchandise volume since the pandemic. Now, Shopify joins some of the world’s biggest tech companies on Nasdaq with the potential to land a spot in the Nasdaq-100, an index tracked by billions in investor funds like Invesco QQQ Trust. Shopify shares are up nearly 29% over the past year.
