If you’re ordering something online and it’s not coming from Amazon, odds are it’s coming from Shopify (and you don’t even know it).
That’s because, even though you won’t see its name on the packaging, Shopify has 31% market share in the U.S. for websites using ecommerce technologies.
You see, Shopify fulfills online orders for over 1.2 million live websites around the globe. And it’s rapidly expanding in France, Germany, Spain, Italy, Brazil, and Japan.
One of the best ways to think of Shopify is as a cheaper, smaller version of Amazon. With a market cap of only $80 billion (compared to Amazon’s $1.3 trillion), Shopify clearly has a lot of room to grow.
Even if Shopify just grew to half the size of Amazon, that’d represent a 712.5% return.
With SHOP stock already rising 131% from its coronavirus bottom of $320 in mid-March to $740 today, I expect technical buying momentum will continue fueling this company for the remainder of the year. My price target for SHOP is $1,500 per share – representing a 103% gain from its current price.