Written by Christopher Liew, CFA at The Motley Fool Canada
The TSX produced a tech darling in 2019 that ruled Canada’s primary stock exchange in 2020. Shopify (TSX:SHOP) rose to superstardom due to the COVID-triggered e-commerce boom. The stock delivered an average return of 185.94% in two years but lost 74.8% in 2022.
If you invest today, you wouldn’t say Shopify was a phenomenal Canadian stock. At $75.41 per share, the tech stock is down 26.9% year to date and hasn’t been this cheap in years. Moreover, the current share price is 94.97% lower than $1,500.33 at the start of January 2021.
In April 2022, Shopify announced a 10-for-1 stock split because management felt the price was too high for regular investors. The shares split on June 29, 2022, although the price was already considerably low. Today, market analysts’ price target in 12 months is between $107.97 (average) and $137.61 (high). However,…
