Kickstarting your investment journey can be both exciting and scary at the same time, and if you're new to investing, you may not know where to even begin. However, one thing is for certain -- stocks set to beat the market over the next 12 months serve as the perfect foundation for any kind of investor.
Now, let's take a deep dive into a great stock that could be just the right addition to your portfolio.
Ottawa, Canada-based Shopify Inc. provides a multi-tenant, cloud-based, multi-channel commerce platform that helps in starting, scaling, marketing, and running a business. Its platform and services are engineered for simplicity and reliability, while delivering a better shopping experience for customers everywhere.
SHOP was added to the Zacks Focus List on September 6, 2022 at $29.94 per share. Since then, shares have increased 282.87% to $114.63.
14 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.13 to $1.25. SHOP boasts an average earnings surprise of 24.5%.
Moreover, analysts are expecting Shopify's earnings to grow 68.9% for the current fiscal year.
Since stock prices respond to earnings estimate revisions, it can be very profitable to buy stocks with an increased earnings outlook. By buying a Focus List stock like SHOP, then, you're likely getting into a company whose future earnings estimates will be raised, potentially leading to price momentum.
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