- The New York Stock Exchange is investigating a spike in Shopify stock, according to New York Magazine.
- Shopify surged $100 to $780 in the last minute of trading on March 18.
- The stock closed the day up 18.65% but immediately tumbled in post-market trading.
The New York Stock Exchange is investigating why Shopify's stock rapidly surged by $100, or 14%, in the last minute of trading on March 18, New York Magazine reported.
Shares of the e-commerce company were trading around $680 when they suddenly leapt to about $780 a minute before trading closed, ending the day up 18.65%. It then immediately plunged in post-market trading.
The speed and scale of the move in the stock price was unusual in that there was no news or announcement that might have promoted a market reaction, which was what led to the NYSE launching an investigation.
The NYSE declined to comment when contacted by Insider. Shopify shares were trading around $732 on Tuesday.
Such rapid price fluctuations are not unheard of. Notably, Facebook parent company Meta's stock lost more than 26% and $200 billion in value in a single day on February 3 this year after unveiling its quarterly results. This was the biggest one-day stock crash in market history and the biggest single-day loss in market value of any US company.
