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Shopify Trades Higher On Cramer M&A Talk

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Shopify Trades Higher On Cramer M&A Talk

Shares of Shopify Inc (NYSE: SHOP) were trading higher by more than 6.4% on the day, in part due to a favorable mention from CNBC's Jim Cramer.

Cramer said on CNBC that two Silicon Valley companies expressed an interest in acquiring the Ottawa, Canada-based company. The two companies each have a market cap of at least $70 billion, according to Cramer, but Shopify has no interest in selling itself.

Shopify's market cap was around $43 billion at time of publication.

Why It's Important For Shopify

Shopify's growth over the last year is starting to show which may explain some M&A interest.

Online merchants who use Shopify's platform to sell goods accounted for $2.9 billion in sales over the four-day Thanksgiving Weekend selling period, according to the Ottawa Business Journal. During the same period last year, Shopify's clients recorded sales of just $1.8 billion.

At its peak this year, Shopify merchants collected more than $1.5 million in sales each minute.

Shopify has yet to comment on Cramer's public and is unlikely to do so according to standard corporate policies. Several Wall Street analysts may chime in with their opinion over the coming days and debate who approached Shopify and at what price would Shopify re-consider a sale of itself.

Shopify's stock traded around $373.21 per share at time of publication.

Related Links:

Black Friday 2019 Winners And Losers: Amazon, Macy's, Shopify And More

Shopify's Quest Of Being Anti-Amazon Is Giving Amazon A Run For Its Money

Posted-In: CNBC Jim CramerM&A News Rumors Top Stories Media Best of Benzinga

 

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