The company is going through a significant correction in price after a meteoric, and likely unjustified rise in price. There has been such a massive shift in sentiment towards unprofitable, high-growth plays that it's really hard to find where the bottom is here.
Is it a buy right now? For me personally, no. Not because I don't think it has potential. I just am not buying anything high growth right now, and you can tell the shift in our strategies here with the most recent Bull List additions in Waste Connections, Goeasy, A&W Royalty etc.
With high-growth plays like Shopify, I'd rather risk missing the bottom a little than buying into an almost completely vertical chart to the downside. I think people's main fear is missing the bottom on some of these high growth plays. When in reality, there is nothing wrong with letting them recover a bit and sustaining some momentum before entering.
I'm not much of a chart or momentum guy. But, there is times when I sit back and say I'm going to let this sort itself out first. Shopify is one of those. Great company stuck in a brutal downtrend.