Cathie Wood remains bullish about Shopify (NYSE: SHOP) after its robust Q4 results. While the stock has been on a downslide as investors were left disappointed with its bleak Q1 outlook, Wood’s ARK Invest (ARKK) has snapped up around $35 million worth of shares.
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Shopify is one of the top 10 holdings for ARKK and has a weightage of 4.9% in the ETF.
In another move, ARK has sold off its Nvidia (NVDA) shares worth more than $9 million. The stock has not fared well in the past year, down by 10% as chip demand has slumped post the COVID pandemic, and the geopolitical tussle between U.S. and China has resulted in chip restrictions for U.S. semiconductor companies.
ARKK ETF has not done well in the past year, down by more than 35% but January has proved to be a good month as the ETF is up by around 13%.