Cathie Wood Bulks Up On Shopify Amid Stock's 18% Post-Earnings Drop, Sells This Major Holding Up 30% This Week

Zinger Key Points
  • Cathie Wood has backed her favorite stocks to the hilt even when they were selling off.
  • When Tesla stock experienced weakness late last year, Ark was actively buying up the EV maker's shares.

Cathie Wood’s Ark Invest reversed its stance on Canadian e-commerce retailer Shopify, Inc. SHOP and began bulking up on the stock this week.

Shopping For Shopify: Ark Invest, through its flagship Ark Innovation ETF ARKK as well as Ark Fintech Innovation ETF ARKF and Ark Next Generation Internet ETF ARKW, bought 125,506 shares of Shopify on Friday, daily trade information from the firm showed.

At Friday’s closing price of $43.61, the purchase is valued at $5.47 million.

Friday’s buy was on top of a massive purchase of 776,835 Shopify shares on Thursday, valued at $34.89 million. Ahead of the trades on Thursday and Friday, Ark was a seller of Shopify shares between late October and early February.

Ark’s buying binge this week comes amid an 18.32% cumulative drop in the e-commerce company’s shares. The pullback was in reaction to its quarterly results and the weak forecast for 2023.

See also: How To Buy Shopify (SHOP) Stock

Major Disposals: Ark sold into Roku, Inc’s ROKU strength this week. The stock ran up about 30% during the past five trading sessions, with much of the gains coming on the back of positive commentary issued by the company on its earnings call held late Wednesday. ARK through its ARKK ETF sold a combined 186,217 Roku shares on Thursday and Friday.

Other major sales were:

  • Nvidia Corp. NVDA (40,155 shares)
  • Proto Labs, Inc. PRLB (140,980 shares)
  • Exact Sciences, Inc. EXAS (393,567 shares)
  • Organovo Holdings, Inc. ONVO (20,393 shares)

Read next: Roku Gets Apple iOS Comparison, Price Target Raises From Analysts After Q4 Beat

Photo: Shutterstock

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