Shopify is expected to surpass eBay and become the second largest U.S. e-commerce platform behind Amazon in terms of sales volume, according to a note published by R.W. Baird on Monday.
's market cap earlier this year. It is now expected to pass eBay in terms of merchant sales volume in the U.S. as well.
In a note published Monday, R.W. Baird wrote that Shopify is expected to become the second largest e-commerce platform in the U.S. this year — behind only— in terms of the sales volume generated by merchants using its service. Shopify is best known for its software that helps merchants sell online, including tools to launch e-commerce sites and accept online payments.
The estimate reflects Shopify's continued growth, which has pushed its stock to more than double this year. The company is now worth $40 billion, and has a larger market cap than eBay, which is valued at roughly $34 billion. R.W. Baird forecast that the number of merchants using Shopify to exceed one million by the end of this year, leading to higher revenue estimates for 2019. The market research firm also raised Shopify's price target from $370 to $410.$362 million in second-quarter revenue last month, up 48% from the year-ago period. Total merchant sales volume was $13.8 billion, a 51% jump from the same period of last year. eBay, meanwhile, reported $21.
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