Cathie Wood’s ARK Swoops In to Buy Shopify Stock After Recent Slump

High-profile fund manager Cathie Wood’s ARK Investment Management has increased holdings of e-commerce company


and shed chip maker


the group said in a statement.

ARK snapped up about $35 million worth of Shopify shares. The stock has dropped this week after investors were disappointed with the outlook the e-commerce company gave for the first quarter. However, it also posted strong fourth-quarter results.