5 Best Canadian Stocks to Buy and Hold

1. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 62

Shopify Inc. (NYSE:SHOP), with more than 1,700,000 businesses in approximately 175 countries, is a multinational e-commerce company. With the use of the company’s software, retailers may create, manage, and market their goods through a variety of channels, such as social media, physical retail locations, marketplaces, web and mobile storefronts, and physical retail locations. It is headquartered in Ottawa, Ontario. On October 27, the company posted earnings for the third quarter of 2022. The revenue over the period was $1.37 billion, up 22.3% compared to the revenue over the same period last year.

On November 29, the e-commerce platform announced sales of $7.5 billion from independent businesses worldwide over a record-breaking Black Friday-Cyber Monday weekend, up 19% from last year. This year, more than 52 million customers worldwide made purchases from brands powered by Shopify Inc. (NYSE:SHOP), an increase of 18% from the previous year. It is one of the premier Canadian stocks to buy and hold.

At the close of the third quarter of 2022, 62 hedge funds held stakes in Shopify Inc. (NYSE:SHOP). The total value of these stakes amounted to $2.4 billion. As of December 5, ARK Investment Management is the largest investor in Shopify Inc. (NYSE:SHOP) and has a position worth $391.5 million. 

You can also take a peek at 10 Best ASX Stocks To Buy and 15 Most Creative Companies in the World.