SHOP - Cathie Wood Just Dumped $19 Million in Shopify Stock. Should You Follow Her Lead?
2023-08-29 07:03:00 ET
Over the past two weeks, Cathie Wood's Ark ETFs have been dumping Shopify (NYSE: SHOP) stock, selling around $19 million of the stock
So, is there reason to be concerned with Ark's move away from Shopify, or is this just noise? Let's find out.
Shopify has been undergoing a significant business transformation. Back in June, it spun off Shopify Logistics, which includes Six River Systems (its warehouse robotics company), various warehouses it had purchased, as well as its latest acquisition, Deliverr. These businesses were sold for a fraction of what Shopify paid, marking a huge loss for the company.
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Cathie Wood Just Dumped $19 Million in Shopify Stock. Should You Follow Her Lead?