Cathie Wood’s ARK Invest sold 40,392 Shopify shares on Sep. 2 after the stock surged more than 25% in August and traded as high as $158. The sales were split between the ARK Innovation ETF, which sold 35,322 shares, and the ARK Next Generation Internet ETF, which sold 5,070. Shopify has since declined about 7% this week, putting it on track for its first weekly drop in more than a month. Koyfin data put the stock’s trailing price-to-earnings ratio near 96 times and its enterprise-value-to-sales multiple at 13.4 times. Shopify’s second-quarter revenue rose 34% year over year to $3.58 billion, operating income increased 68% to $488 million, gross merchandise volume (GMV) climbed 32% to $115.57 billion and free cash flow reached $654 million, lifting the free-cash-flow margin to 18% from 16%. Shopify remained a significant holding across ARK’s funds, including 3.4% of ARKK, 4.1% of ARKW and 7.5% of ARKF. ARK also bought 96,201 Intellia Therapeutics shares, increased exposure to the 3iQ Solana Staking ETF, and added Block and Rocket Lab. Phillip Securities downgraded Shopify to "Accumulate" from "Buy," while retail sentiment on Stocktwits remained bearish and message volume rose 37% over the past week. Shopify was the largest holding in the VanEck Digital Native Economy ETF at 10.1% of assets.