After topping out around $1,146 a share at the start of the month, the stock price has pulled back during September by nearly $200 a share, in line with a decline in the broader market.
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As the coronavirus pandemic forced states and countries to impose various degrees of lockdowns on their citizens and businesses in the second quarter, Shopify saw a 71% quarter-to-quarter jump in new store creation. The intuitive digital storefronts that the company provides offered a vital avenue of business for small and medium-sized companies that were obliged to close their physical locations.
This may worth something:
Shopify (SHOP) Stock Sinks As Market Gains: What You Should Know
Shopify (SHOP) closed at $908.61 in the latest trading session, marking a -1.11% move from the prior day. This move lagged the S&P 500's daily gain of 0.3%. Elsewhere, the Dow gained 0.2%, while the tech-heavy Nasdaq added 0.37%.
Prior to today's trading, shares of the cloud-based commerce company had lost 15.65% over the past month. This has lagged the Computer and Technology sector's loss of 5.52% and the S&P 500's loss of 5.02% in that time.
Don't Add Shopify To Your Cart (NYSE:SHOP) | Seeking Alpha
However, despite positive industry trends, fiduciaries should beware of the abnormally high level of risk in Shopify.
Consider the deteriorating fundamentals, increasing competition, and the unrealistic increase in profits implied by the current valuation.
Global e-commerce sales have soared by 22% compounded annually over the past two years, and the COVID-19 disruptions to physical retail operations have amplified e-commerce growth. As a result, the stocks for companies that facilitate e-commerce have soared, too. One such firm's stock is up 145% year-to-date. However, despite positive industry trends, fiduciaries should beware of the abnormally high level of risk in Shopify ( SHOP ).
Shopify reports data breach by 'rogue members' of staff
E-commerce platform Shopify has issued a statement confirming a recent customer data breach. The company said that information from less than 200 merchants was accessed by two "rogue members" of its support team.
Shopify added that complete card numbers or "other sensitive personal or financial information" were not at risk. However, TechCrunch reported that the last four digits of customer cards were accessed and one merchant said that more than 4,900 customer records were accessed.
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Hashtag Trending - New Microsoft Office; Google Maps COVID overlay; Shopify employees steal data
Microsoft will release a new perpetual Office license in 2021, you'll soon be able to use Google Maps to keep tabs on COVID outbreaks in your area, and Shopify nabs two employees who stole customer data.
It's all the tech news that's popular right now. Welcome to Hashtag Trending! It's Friday, September 25, and I'm your host Alex Coop.
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That's all the tech news that's trending right now. Hashtag Trending is a part of the ITWC Podcast network. Add us to your Alexa Flash Briefing or your Google Home daily briefing. I'm Alex Coop, thanks for listening.
Shopify Employees Stole Some Customer Data - Geeky Gadgets
Apparently, the data stolen was not due to a hack, but two rogue employees. According to the company, "Our investigation determined that two rogue members of our support team were engaged in a scheme to obtain customer transactional records of certain merchants. We immediately terminated these individuals' access to our Shopify network and referred the incident to law enforcement."
The company has gotten in touch with stores that were affected by this, who in turn should be notifying customers who were affected.
Shopify Hires Former Adidas Exec Jon Wexler – WWD
Shopify says it notified privacy commissioner of data breach involving 'rogue' staff - The Globe
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Shopify Inc. says it has notified Canada's privacy commissioner about a recent data breach it says was carried out by two "rogue" employees.
"We have subsequently provided information regarding the incident to the Office of the Privacy Commissioner."
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Earlier Wednesday, the commissioner's office said it hadn't yet received a report about the breach.
Under the Personal Information Protection and Electronic Documents Act, it is mandatory for companies to report breaches to the privacy commissioner's office, "where it is reasonable to believe that the breach creates a real risk of significant harm to an individual," Pilieci said.
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