5 Tech Stocks to Sell Now According to Cathie Wood

2. Shopify Inc. (NYSE:SHOP)

Percentage of Stake Sold by ARK Investment Management in Q2 2023: 37%

Number of Hedge Fund Holders: 74

Shopify Inc. (NYSE:SHOP) is a leading provider of internet infrastructure for commerce, offering tools to start, grow, market, and manage a retail business of any size. Its platform and services are used by millions of businesses across 175 countries.

Cathie Wood’s ARK Investment Management reduced its stake in Shopify Inc. (NYSE:SHOP) by a whopping 37% in Q2 2023 which has brought its ownership to 8.9 million shares, valued at $573 million.

As of Q2 2023, Shopify Inc. (NYSE:SHOP) shares were owned by 74 prominent hedge funds tracked by Insider Monkey, with the total shares held by them valued at $3.9 billion. Even after shedding a significant portion of its stake, ARK Investment Management was among the top 5 hedge fund shareholders of the company.