The shareholders’ meeting of e-commerce specialist Shopify Inc. (NYSE: SHOP) has approved a 1:10 stock split. Changes to brokerage accounts will be made by the end of June 2022.
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At a special general meeting held on June 7, shareholders approved the Shopify Inc. (SHOP) stock split that will take place at the end of June. According to the company’s plans, the distribution of the split shares will begin on June 28 after the end of the trading session, however, switching brokerage accounts, depending on the region and the brokerage, will take another 1 or 2 days. However, from Wednesday, June 29, SHOP shares will trade in the new format.
Shopify Inc. (SHOP) is one of the synonyms of e-commerce in the United States Despite slowing growth (against the backdrop of a rapid takeoff during the pandemic), the company continues to increase its volumes of sales. In the first quarter, gross sales increased 16% year over year.
Shopify’s stock was recently hit by a stock market correction, but Wall Street expects stock prices to rebound as the company trades in a promising market. In 2021, global e-commerce sales reached approximately $4.9 trillion and are expected to reach nearly $7.4 trillion by 2025.
As one of the leading e-commerce service providers for merchants, Shopify Inc. (SHOP) can capitalize on this current trend. The company holds a dominant position in the sector, so its strong growth, even in the face of fierce competition, could become a reality in the coming quarters.
The upcoming stock split will open up opportunities for more shareholders who were previously unable to buy bonds due to their relatively high price.
SHOP’s performance over the previous year has been -67.80%, but it has grown by 8.28% in the last week. The stock’s price index is up 15.12 percent in a month and down 33.38% in three months. In the last six months, it has returned -74.25 percent.