11 Best Gig Economy Stocks to Buy According to Hedge Funds

4. Shopify Inc. (NYSE:SHOP)

No. of Hedge Fund Holders: 56

Shopify Inc. (NYSE:SHOP) is an e-commerce company that operates a platform that allows merchants to sell products through various sales channels. Based out of Canada, Shopify Inc. (NYSE:SHOP) has its unique place in the e-commerce sector, allowing merchants to set up digital storefronts. The company supports millions of small businesses and merchants, along with big brands including Nike and Red Bull.

On January 22, RBC Capital Markets maintained an Outperform rating on SHOP shares with a price target of $130. The company continues to deliver strong results and expand its global reach. The company surpassed the quarterly earnings estimate and posted an adjusted EPS of $0.44 in Q4 2024. The Q4 revenue increased by 31.2% year-over-year to $2.81 billion, beating the estimates. For the full year 2024, the company posted $300 billion in GMV and $9 billion in revenue, with revenue up by 26% year-over-year. The annual FCF margin soared by 18% from a year ago.

Shopify Inc.’s (NYSE:SHOP) solid market position and potential to scale across its total addressable market makes it a strong gig economy stock over the long term.