Shopify Just Rallied 35% in a Month: Take Profits, or Buy More?

Shopify shares surged 35% over the past month to $173.81, adding 2% during afternoon trading, as investors rewarded the e-commerce platform for accelerating growth and steadily rising earnings forecasts. The move leaves shareholders weighing whether there’s more upside or whether it’s time to take profits. The article contrasts Shopify’s gain with peers: MercadoLibre is up 5% to $1,868.19, while the Amplify Online Retail ETF (IBUY) is up 6% to $71.36. Against broader tech gauges like the Invesco QQQ Trust (QQQ), down 0.3% over the month to $719.15, Shopify’s rally appears more company-specific. In Q2 2026, Shopify reported revenue of $3.58 billion, up 33.7% year over year, with operating income up 67.7% and GMV rising 32%. Shopify linked momentum to AI-driven shopping, and analysts have revised 2026 earnings estimates upward three times over the month, with averages of $1.911 per share for 2026.