Shopify Inc (NYSE:SHOP) shares are bouncing around in early trading Tuesday. The stock initially traded higher after the company provided a holiday shopping update.
What Happened: Shopify announced that merchants achieved a record $11.5 billion in sales over the Black Friday-Cyber Monday weekend, up 24% year-over-year.
More than 76 million customers made purchases from brands powered by Shopify and more than 67,000 merchants had their highest-selling day of all time. At the peak on Black Friday, sales climbed to $4.6 million per minute. Cross-border orders represented 16% of global orders and the company saw a 58% year-over-year increase in sales made via Shop Pay.
“Shopify is transforming Black Friday weekend. What was once a doorbuster shopping moment dominated by legacy players is now a global commerce event that businesses of all sizes participate in. We’re amplifying the global entrepreneurial spirit by rallying behind our merchants, preparing them, and celebrating their impact on a global stage,” said Harley Finkelstein, president of Shopify.
Shopify noted that it processed 57.3 PB of data, 1.19 trillion edge requests, 10.5 trillion database queries, and 1.17 trillion database writes over the weekend.
“Black Friday-Cyber Monday wasn’t just busy, it was a live demo of Shopify’s rock-solid reliability and top-tier tech prowess. If we can ace BFCM, bring it on-we’re ready for anything,” the company said.
Don’t Miss: Amazon And Walmart Dominate Black Friday As Online Sales Soar 14.6%
How To Buy SHOP Stock
By now you're likely curious about how to participate in the market for Shopify – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of Shopify, which is trading at $112.98 as of publishing time, $100 would buy you 0.89 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
SHOP Price Action: Shopify shares were down 1.19% at $111.65 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
