Why Shopify Stock Dropped Another 4% Today
For the second day running, shares of e-commerce facilitator Shopify (NYSE: SHOP) are in free fall. After declining 4.8% on Wednesday, they've already shed another 3.9% as of 12:35 p.m. EDT today.
Image source: Getty Images.
Two days ago, Shopify priced a secondary offering of 1.1 million shares at $900 each. These same shares had closed above $930 the previous evening, and so it would have been understandable for investors to be perturbed that someone else was getting a chance to buy Shopify at more than a 3% discount.
Source Fool.com
