5 Best E-Commerce Stocks to Buy in 2021

4. Shopify Inc. (NYSE: SHOP)

Number of Hedge Fund Holders: 91

Shopify Inc. (NYSE: SHOP) is a commerce company operating in Canada, the US, the UK, Australia, Latin America, and internationally. The company’s platform allows merchants to run their businesses on a range of sales channels including web and mobile storefronts and social media channels. It ranks 4th on our list of the best e-commerce stocks to buy in 2021.

On June 30th, despite investors’ disappointment at Shopify Inc.’s (NYSE: SHOP) Unite 2021 event, analysts from Loop Capital, RBC, and Jefferies stepped in to defend the stock. Loop Capital reiterated its Buy rating on the stock, with an increased price target of $1,600, and analyst Anthony Chukumba saying he felt more confident in Shopify Inc.’s (NYSE: SHOP) future growth. RBC also increased its price target to $1,700, while Jefferies has a Buy rating on the stock as well. Shopify Inc. (NYSE: SHOP) has announced a new Online Store and Shopify Theme Store launch as well and has furthered its partnership with Facebook, Inc. (NASDAQ: FB) and Alphabet Inc. (NASDAQ: GOOG) by making its one-click checkout available to sellers on Facebook and Google.

In the first quarter of 2021, Shopify Inc. (NYSE: SHOP) had an EPS of $2.01, beating estimates by $1.26. The company’s revenue was $988.65 million, up 110.35% year over year and beating estimates by $127.56 million. It has a gross profit margin of 53.46% and the stock has gained 33.47% in the past 6 months and year to date.

By the end of the first quarter of 2021, 91 hedge funds held stakes in Shopify Inc. (NYSE: SHOP) worth roughly $9.98 billion. This is compared to 90 hedge fund holders in the previous quarter with a total stake value of approximately $8.72 billion.