5 Best Get Rich Quick Stocks To Buy

2. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 62

Shopify Inc. (NYSE:SHOP) is an Ottawa, Canada-based company known for its proprietary e-commerce platform for establishing online stores. Furthermore, the company is a provider of a point-of-sales system for retailers as well.

Samad Samana at Jefferies thinks that the company’s Q4 2022 gross merchandise value (GMV) is expected to come in ahead of consensus based on the Blessed Friday and Cyber Monday GMV numbers revealed by the company. Shopify Inc. (NYSE:SHOP) reported a GMV of $7.5 billion during this period, reflecting a 19% YoY growth. Based on this, the analyst anticipates Shopify Inc. (NYSE:SHOP) to post a GMV of $64 billion during Q4 2022, which is significantly higher than the consensus forecast of $59 billion. Based on this, the analyst has given Shopify Inc. (NYSE:SHOP) stock a Buy rating and a target price of $40 on November 29.

Here’s what Artisan Partners said about Shopify Inc. (NYSE:SHOP) in its Q3 2022 investor letter:

“Shopify Inc. (NYSE:SHOP) is a leading e-commerce platform supporting over 2 million merchants with software, online storefronts and payments technology. Like Uber, Shopify returned to mid-cap territory during Q2 as the company’s profit cycle and share price have faced significant pressure. Earlier this year, the company began a phase of investments to support a range of future growth drivers, including Shopify Plus for larger brands, logistics services, international expansion, point-of-sale payments and social media-based commerce. With high inflation putting pressure on consumer spending, and with e-commerce activity normalizing after a massive pandemic spike, Shopify’s earnings have fallen sharply. While we have outstanding questions about the likelihood of success for the company’s capital-intensive logistics investments, we decided to take advantage of the stock’s >75% YTD decline and initiate a GardenSM position at a deep discount to our PMV estimate. Our thesis is predicated on our belief there is still a long runway for commerce to move online, and Shopify is well-positioned to win share of this market. The company has created an ecosystem of products (payment processing, financing, shipping, customer engagement tools, etc.), partners (TikTok, Google, Meta), sales channels and over 6,000 apps to help its merchants sell online and establish direct relationships with customers.”