Cathie Wood-led Ark Investment Management, which holds Shopify, Inc. SHOP shares in three of its exchange-traded funds, sold nearly $4 million of the company’s stock on Thursday when the Canadian e-commerce retailer beat first-quarter estimates and laid out a roadmap to increase efficiency.
Ark's flagship fund Ark Innovation ETF ARKK sold 53,054 Shopify shares, while the Ark Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF disposed of 9,799 and 6,444 shares, respectively.
The Shopify sale amounted to 69,297 shares, valued at $3.97 million at Thursday's closing price of $57.30.
Ark had purchased a significant amount of Shopify’s stock over several sessions in mid-February but has since sold off its holdings since late April.
Shopify is a top holding at ARKF with a 13.56% weighting and the second biggest holding of ARKW with a 7.97% weighting.
Following Shopify's announcement Thursday concerning a 20% job cut and its decision to sell its logistics business, Jim Cramer called Shopify the "lean Amazon."
In premarket trading on Friday, Shopify’s shares rose 0.70% to $57.70, according to Benzinga Pro data.
See Also: How To Buy Shopify (SHOP) Stock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
