After Another Impressive Quarter For Shopify, Is Shopify Stock Headed Back To Its All-Time High?

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There's a lot of excitement around e-commerce company Shopify ( SHOP 2.44% ) of late. It reported some strong earnings numbers for the third quarter, and the stock has been rallying as a result of that. It has hit a new 52-week high recently, and there could be even more upside for Shopify as the business still sees a lot more growth ahead for the current quarter.

Over the past few years, Shopify's growth rate has been volatile due to a myriad of economic conditions, including supply chain constraints, inflation, and an overall slowdown in spending after a surge during the early stages of the pandemic. And investors were concerned that with the economy potentially heading for a recession, Shopify could be facing even greater headwinds in the near future.

The good news, however, is that the company's growth rate accelerated this past quarter, turning around a downward trend for the business. The impressive results appeared to surprise investors, as the e-commerce stock would jump by 21% after the earning numbers came out.

Shopify's stock hasn't been trading this high since the early part of 2022, which is when it started falling in value amid a worsening outlook for the economy. Months earlier, the stock would hit its highest closing price ever at $169.06. For Shopify to reach those levels gain, it would need to rise by around 60%.