Stock Track | Shopify Plummets 5.12% as Ark Invest Cuts Stake in E-Commerce Giant

Stock Track12-19

Shopify Inc. (SHOP) shares plummeted 5.12% during Wednesday's trading session, as the e-commerce platform faced selling pressure from a major investment firm. The intraday stock plummet followed a move by Cathie Wood-led Ark Invest to reduce its holdings in Shopify.

According to reports, Ark Invest sold 31,078 shares of Shopify through its Ark Fintech Innovation ETF (ARKF) on Tuesday. With Shopify's stock closing at $119.49, the sale amounted to approximately $3.7 million, signaling a shift in Ark's stance towards the e-commerce company.

Ark Invest's decision to trim its Shopify position comes despite the company's strong performance and growth trajectory. In its third-quarter earnings report, Shopify marked its ninth consecutive quarter of revenue beats, with a 26% year-over-year revenue growth to $2.16 billion, surpassing analyst expectations.

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(SHOP) shares plummeted 5.12% during Wednesday's trading session, as the e-commerce platform faced selling pressure from a major investment firm. The intraday stock plummet followed a ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SHOP","symbol_name":"Shopify Inc","start_time":0,"source_url":"","article_id":"1124808799","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1124808799","pubTimestamp":1734552321,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shopify Inc.  shares plummeted 5.12% during Wednesday's trading session, as the e-commerce platform faced selling pressure from a major investment firm. 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