Cathie Wood's Ark Picked Up More Shares In Shopify And This Supplier Of Elon Musk-Led SpaceX On Friday

Cathie Wood-led Ark Investment Management on Friday further raised its exposure in the Canadian e-commerce company Shopify Inc SHOP and 3D-printing technology firm Velo3D Inc VLD.

The popular stock-picking firm bought 12,864 shares — estimated to be worth $7 million based on Friday’s closing price — in Shopify, the company founded and run by billionaire Tobias Lütke.

Shopify stock closed 1.6% lower at $544.3 a share on Friday. The stock is down 60% so far this year.

St. Petersburg, Florida-based Ark Invest has been buying shares in Shopify for months now and has piled up 153,906 shares so far this year, data from the investment firm’s daily trades showed.

Ark Invest currently owns shares in Shopify via three of its exchange-traded funds — the ARK Innovation ETF ARKK, the ARK Fintech Innovation ETF ARKF and the ARK Next Generation Internet ETF ARKW. 

The three ETFs held 792,417 Shopify shares, worth $438.4 million, before Friday’s trade. The latest buy represents a less than 1% increase in Ark Invest’s stake in the company.

See Also: Why Shopify Shares Are Sliding Today

Shopify last month reported worse-than-expected fourth-quarter financial results and warned of slowing growth this year. The Ottawa-based company had said it expects 2022 revenue growth to be below the 57% growth it achieved in 2021.

The company caters to small and midsize businesses via two segments — subscription solutions and merchant solutions.

Here are other key ARK Invest trades from Friday:

• Bought 21,944 shares — estimated to be worth $153,608 in Velod3D, a company that counts Tesla Inc TSLA CEO Elon Musk’s SpaceX among key customers. The stock closed 2.1% lower at $7 a share on Friday and is down 10.7%
• Sold 158,595 shares — estimated to be worth $11.89 million— in Docusign Inc DOCU. The stock is down 52% year-to-date.
• Photo by Open Grid Scheduler/Grid Engine on Flickr