Q: Any reason to explain the continued weakness in SHOP Monday morning? I see no news. Are you still recommending it as a top growth pick?
5i Research Answer:
We still like SHOP and suggest it as a long term growth pick. There is no specific news today, but last week Tik Tok came out with an app that may allow merchants to be less reliant on existing e-commerce players. Last week Ark Funds also announced it had sold some of its SHOP positions. Profit taking could also be at play, the stock is still up 72% YTD. Tech in general has also been weak of late.