5 Best Breakout Stocks to Buy Now

4. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Investors In Q1 2023: 66

Shopify Inc. (NYSE:SHOP) is a Canadian electronic commerce firm. Its shares had a great June on the market, as they appreciated 13% in value. However, the average share price target and the current share price target both sit at $61, providing little upside.

Insider Monkey’s March quarter of 2023 survey of 943 hedge funds revealed that 66 had invested in Shopify Inc. (NYSE:SHOP). Out of these, Catherine D. Wood’s ARK Investment Management is the largest shareholder, courtesy of its $670 million investment.

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