Shopify (SHOP) Stock Gaining on Facebook's 'Buy' Button

NEW YORK (TheStreet) -- Shares of Shopify Inc (SHOP) were gaining, up 4.88% to $29.47 in early market trading Thursday, as the e-commerce company teams up with Facebook (FB) to expand a beta test of a new "buy" button, according to TechCrunch.

Shopify and the social media giant are working on the "buy" button feature, which will let consumers buy goods from more retailers without leaving Facebook, TechCrunch reports.

Late last month, Canadian e-commerce company Shopify made its initial public offering debut. Shopify shares trade on the New York Stock Exchange as well as on the Toronto Stock Exchange as "SH".

Ottawa-based Shopify provides software to help e-commerce companies manage their online stores and businesses, including accepting payments.

Founded in 2006, Shopify had gross merchandise volume of about $3.8 billion in 2014.

The company has expanded beyond the online store, launching payment processing services, Shopify Payments and Shopify POS in 2013. It also added Shopify Mobile in 2014, which allows merchants accept credit card payments from mobile devices.

SHOP ChartSHOP data by YCharts

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