Shopify's stock plummeted 6.34% during intraday trading on Monday, extending a recent downtrend for the e-commerce platform.

The decline continues selling pressure that began after the company reported its first-quarter results earlier this month. While Shopify posted strong Q1 numbers, its second-quarter guidance failed to meet the elevated expectations of investors, putting pressure on its premium valuation. Market analysis suggests the stock's prior gains had already priced in positive results, leaving the valuation in need of digestion.

Adding to the negative sentiment, high-profile short seller Andrew Left is set to stand trial this week on market manipulation charges. Shopify has been one of Left's prominent short targets in the past, and the commencement of his trial has brought renewed attention to the company's history with short activist campaigns.