Why Shopify Stock Is Plummeting This Week
Shopify (NYSE: SHOP) stock is seeing another big pullback in this week's trading. Heading into Friday's market open, the e-commerce services company's shares traded down roughly 9.6% from last week's market close, according to data from S&P Global Market Intelligence.
A report published by The Street on Monday indicated that Alphabet is planning to make a bigger push into the e-commerce space, and the news sent Shopify stock tumbling. Shopify did get a boost after it was announced that Ark Invest CEO Cathie Wood had bought more of the stock for her Ark Innovation ETF, but shares are still down big across the last week of trading.
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Source Fool.com
