Few growth stocks have been hit as hard in the market sell-off as Shopify (NYSE: SHOP). Shares of the e-commerce software leader have plunged 80% in just six months as a combination of shifting market sentiment, slowing growth in e-commerce, and declining valuations in the software-as-a-service sector have all shredded the stock.
Shares of the e-commerce platform company Shopify (NYSE: SHOP) were plunging today just one day after its share price soared by double digits. Today's drop was caused by ongoing fears about high inflation and upcoming Federal Reserve interest rate hikes. As a result, the tech-heavy Nasdaq Composite had slid 2.5% and Shopify's stock had tumbled 10.8% as of 2:44 p.m. ET.
Few fintech stocks have been hit as hard as Affirm this year, but its latest earnings report showed some positive signs.