Shopify headlines a swing lower in e-commerce stocks
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The e-commerce sector continued with its recent history of turbulent trading, headlined by Shopify (NYSE:SHOP) dropping 15.00% in early trading on Monday to put the quick skids on what was a four-session rally that saw shares gain almost 30%.
Other Internet retail stocks that traded lower included Etsy (ETSY
-4.9%), Wayfair (W
-5.9%), Global-e Online (GLBE
-8.5%), a.k.a. Brands (AKA
-6.2%), Carvana (CVNA
-5.0%), Chewy (CHWY
-6.4%), Farfetch (NYSE:FTCH
-6.6%), MercadoLibre (NASDAQ:MELI
-4.5%), Overstock.com (OSTK
-4.9%) and Coupang (NYSE:CPNG
-4.5%).
Over the last month, the e-commerce sector, in general, has seen outsized swings up and down based off the risk-on, risk-off sentiment emanating from the latest Russia-Ukraine headlines. Shopify (SHOP) has been the stock in the group with the most volatility. The Seeking Alpha Quant Rating on SHOP flipped to Strong Sell from Hold on February 22.
The wild swings in Shopify (SHOP) impact Cathie Woodâs ARK Fintech Innovation ETF due to the significant weighting as the third largest holding.