5 Best Canadian Stocks to Buy

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1. Shopify Inc. (NYSE:SHOP)

Percentage of iShares MSCI Canada ETF: 2.04%

Number of Hedge Fund Holders: 60

Shopify Inc. (NYSE:SHOP) is a leading provider of internet infrastructure for commerce, offering trusted tools to start, grow, market, and manage a retail business of any size. Shopify Inc. (NYSE:SHOP) platform and services are used by millions of businesses across 175 countries, including notable names such as Gymshark, Heinz, Tupperware, FTD, Netflix, FIGS, and others.

In July, Shopify Inc. (NYSE:SHOP) reported its earnings for the quarter ended June 30, 2022. Its revenue increased by 16% y-o-y to $1.3 billion, while it reported a net loss of $1.2 billion, for the three months. It recorded an EPS of -$0.03, missing the analyst consensus by $0.06.

On August 11, Atlantic Equities analyst Kunaal Malde upgraded Shopify Inc. (NYSE:SHOP) to ‘Overweight’ from ‘Neutral’ with a $46 price target. The analyst believes that Shopify Inc. (NYSE:SHOP) is “a market leader in product innovation and a high-quality market share gainer”.

As of Q2 2022, Shopify Inc. (NYSE:SHOP) is the most sought-after Canadian stock among the 895 hedge funds tracked by Insider Monkey, as 60 of these hedge funds held its shares, valued at $3.3 billion. Ken Griffin’s Citadel Investment Group was the largest shareholder in the company.

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