Cathie Wood Watch: Ark Bulks Up on Shopify, Pares 2 Other Stakes

Wood's flagship Ark Innovation has slid 34% over the past year and 74% from its February 2021 peak.
On the buy side, Ark funds purchased stock of retail host Shopify (SHOP) for the second day in a row. It was 125,506 shares, valued at $5.5 million as of Friday’s close.
Wood was likely trying to benefit from Shopify’s 34% drop over the past year amid the slowdown in growth for e-commerce, as the pandemic has wound down.
To be sure, the stock has rebounded 26% year to date amid the bounce in technology stocks. It’s the eighth biggest holding in Wood’s flagship Ark Innovation ETF.

It has dropped 10% since last week after its recent earnings report and I'm thinking of buying some while it is Low. I can't see Shopify going any where soon and I'm wondering if it is a good idea or not. Its also recently announced it will not lay off anyone which makes me think this was a bit of an over reaction from the market.
One problem thoe is that with high inflation business mainly small and medium which mainly uses Shopify software will be hit the hardest and in doing so will directly affect Shopify.
Thought?