ARKF - Cathie Wood Just Sold Shopify -- and Bought These 7 Potentially Explosive Growth Stocks
2023-08-24 10:29:06 ET
CEO Cathie Wood's Ark Invest firm continues to trim its holdings in Shopify (NYSE: SHOP) . The company regularly publishes updates on holdings in its exchange-traded funds (ETFs), and its latest update showed that it sold 48,313 shares of the e-commerce services stock for its ARK Next Generation Internet ETF (NYSEMKT: ARKW) and 120,022 shares of the stock from its Ark Fintech Innovation ETF (NYSEMKT: ARKF) on Aug. 21.
All told, Wood's company trimmed over 170,300 shares of Shopify stock from its holdings on Monday -- worth roughly $9.2 million at the time of the sales. Even more striking, the investment firm poured cash into seven other growth stocks.
What do Wood's recent moves (through Ark Invest) signal for Shopify stock? And what can investors take away from her decision to push into other growth stocks at a time when volatility has once again gripped the market?
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Cathie Wood Just Sold Shopify -- and Bought These 7 Potentially Explosive Growth Stocks