The Ottawa-based tech firm hit $549.85 before falling back to $540.72 in late afternoon trading. The previous high was set in set August 2019, when it hit $541.49. (The Logic)
Talking point: This is a turnaround for Shopify’s stock, which dropped when the firm announced its acquisition of autonomous-robot maker 6 River Systems for US$450 million in September 2019, and then dropped again when it raised US$634 million a few weeks later. The drop wiped out about a third of Shopify’s value, but nearly all of that has now been recovered. Shopify is in the midst of a multi-pronged growth strategy. It’s banking on 6 River Systems’ robots to help it built a distribution network, while simultaneously—as my colleague Murad broke the news on—pushing into China and building its first engineering hub outside of Canada in Berlin.