What's Going On With Shopify Stock Tuesday

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  • Shopify Inc SHOP stock is trading higher Tuesday as it completed the previously announced sale of most of its former Shopify Logistics business to Flexport under a deal dated May 3, 2023.
  • The session volume surged to nearly 13 million vs. the 100-day average of 16 million Tuesday.
  • Shopify agreed to sell most of its logistics business, including the people, technology, and services related to these operations, to Flexport, a tech-driven global logistics platform. 
  • The transition of Shopify logistics assets to Flexport will be led by Harish Abbott, Co-founder and CEO of Deliverr, under the guidance of Flexport CEO Dave Clark.
  • Also Read: Cathie Wood Cashes Out Nearly $4M In Shopify As Stock Pops 24% On Upbeat Q1
  • Shopify received stock representing a 13% equity interest in Flexport, which is incremental to its existing equity interest in Flexport
  • This transaction takes the logistics solution Shopify has been building and places it in the hands of a trusted and mission-aligned partner, Flexport. 
  • Shopify looks to update on the impact of the sale on its next earnings call.
  • Price Action: SHOP shares traded higher by 5.17% at $63.01 on the last check Tuesday.
Posted In: NewsAsset SalesMoversBriefswhy it's moving
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