Benzinga - Cathie Wood-led Ark Investment Management, which holds Shopify, Inc. (NASDAQ: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 (NYSE:ARKK) sold 53,054 Shopify shares, while the Ark Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE: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.
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