What's Going On With Shopify Stock Tuesday

Shopify Inc SHOP stock is trading higher Tuesday as it completed the previously announced sale of most of its former Shopify Logistics business to Flexport under a deal dated May 3, 2023.
The session volume surged to nearly 13 million vs. the 100-day average of 16 million Tuesday.
Shopify agreed to sell most of its logistics business, including the people, technology, and services related to these operations, to Flexport, a tech-driven global logistics platform.
The transition of Shopify logistics assets to Flexport will be led by Harish Abbott, Co-founder and CEO of Deliverr, under the guidance of Flexport CEO Dave Clark.
Also Read: Cathie Wood Cashes Out Nearly $4M In Shopify As Stock Pops 24% On Upbeat Q1
Shopify received stock representing a 13% equity interest in Flexport, which is incremental to its existing equity interest in Flexport.
This transaction takes the logistics solution Shopify has been building and places it in the hands of a trusted and mission-aligned partner, Flexport.
Shopify looks to update on the impact of the sale on its next earnings call.
Price Action: SHOP shares traded higher by 5.17% at $63.01 on the last check Tuesday.

Overview Rating:

Good

100

0100