This growth stock showed a massive increase in value over the last five years, but the future still looks bright for shareholders.
With the Nasdaq Composite index up 36% in 2023 (as of Nov. 28), bullish sentiment appears to have taken over Wall Street. Take a look at Shopify (NYSE: SHOP). While the Nasdaq might be in bull market territory, Shopify is doing even better.
Shares of Shopify (NYSE: SHOP) were zooming higher in November, as the Canadian e-commerce software company posted strong third-quarter results, gained on improving macroeconomic data, and reported impressive sales over the key Black Friday weekend. According to data from S&P Global Market Intelligence, the stock finished the month up 54%. Shopify shares jumped 22% on Nov. 2 after it beat estimates on the top and bottom lines, regaining some of the momentum it seemed to have lost in the economic reopening after the pandemic.