Shopify Inc. shares are rising toward a new record high as enthusiasm builds for the e-commerce powerhouse ahead of its annual developer conference.
Shares of Shopify SHOP, +0.67% are up 3.8% in Monday trading to a recent $1,523, putting the stock on pace to finish the day above its February record-high closing price of $1,474. The stock is up for the eighth straight trading day, which would mark its longest winning streak since the eight-session period that ended June 23, 2020.
Shopify is about a week away from its annual Shopify Unite developer conference, which promises “a first look at new products and features” on June 29.
Guggenheim analyst Ken Wong notes that some Shopify partners have suggested that the company has plans for an “audience network,” which could open the company up to advertising opportunities.
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