SHOP - Cathie Wood Goes Bargain Hunting: 1 Stock She Just Bought
2024-05-26 11:47:00 ET
Cathie Wood has developed a strong following among investors for anticipating digital trends that accelerated early in the pandemic. The Ark Invest chief often takes a contrarian position on stocks, and the exchange-traded funds (ETFs) she manages tend to focus on companies that are creating and spreading disruptive technology.
She has been a fan of e-commerce platform operator Shopify (NYSE: SHOP) for a long time, but over the past year, she has been cutting her ETFs' stakes in it. However, Shopify's stock price plunged this month, and Ark Invest is scooping up shares again. Should you follow her lead?
Shopify announced its first-quarter results on May 8. Investors weren't happy, to say the least. The stock is down 26% since the earnings release.
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Cathie Wood Goes Bargain Hunting: 1 Stock She Just Bought