Cathie Wood Piles Up Teladoc As Shares Slump On Q1 Miss, Also Adds More Tesla

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Cathie Wood-led Ark Investment Management bought a total of 716,269 shares, worth about $122.38 million, in Teladoc Health Inc (NYSE:TDOC) on Thursday as the stock slumped after the telemedicine company reported a wider-than-expected first-quarter loss. 

Teladoc shares closed 8.23% lower at $170.86 on Thursday. The stock has a 52-week high of $308 and a low of $147.71. 

The investment firm bought the shares of the company via three of its funds namely; the Ark Genomic Revolution ETF (BATS:ARKG), the Ark Innovation ETF (NYSE:ARKK) and the ARK Next Generation Internet ETF (NYSE:ARKW).

Teladoc is ARKG’s largest investment among a  portfolio of 60 stocks and represented a weight of 7.19% ahead of Wednesday’s trade. Teladoc is also ARKK’s second-largest investment just below Tesla Inc (NASDAQ:TSLA).

The investment firm holds a total of about $2.5 billion in Teladoc, as per Thursday’s close.

Wood’s firm also bought more of Tesla on the dip, for the second day in a row. The investment firm has been bullish on the electric vehicle maker but had in the last month sold shares of the company as it looked to rebalance its portfolio to load up on cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN).

Tesla shares closed 2.51% lower at $677 on Thursday. The stock has a 52-week high of $900.40 and a low of $136.61. 

Ark last month updated its price target for shares of Tesla to $3,000 in the year 2025.

See Also: Why Tesla’s Stock Is ‘Stuck’ Until One Of These Two Things Happens

Other Ark Buys On Thursday:

  • CM Life Sciences II Inc (NASDAQ:CMIIU)
  • Zymergen Inc (NASDAQ:ZY)
  • Recursion Pharmaceuticals (NASDAQ:RXRX)
  • Ionis Pharmaceuticals Inc (NASDAQ:IONS)
  • 908 Devices (NASDAQ:MASS
  • Spotify Inc (NYSE:SPOT)
  • Shopify Inc (NYSE:SHOP)
  • Coinbase Global Inc (NASDAQ:COIN)
  • Iridium Communications (NASDAQ:IRDM
  • 3D Systems Corp (NYSE:DDD)
  • Galileo Acquisitions Corp (NYSE:GLEO)
  • Jaws Spitfire Acquisition (NYSE:SPFR)
  • Tencent Holdings ADR (OTC:TCEHY)
  • Pinduoduo Inc (NASDAQ:PDD)

Other Ark Sells On Thursday:

  • Phreesia (NYSE:PHR)
  • Novartis Ag (NYSE:NVS)
  • Thermo Fisher Scientific Inc (NYSE:TMO)
  • Pluristem Therapeutics (NASDAQ:PSTI)
  • Regeneron Pharmaceuticals (NASDAQ:REGN)
  • Pure Storage Inc (NYSE:PSTG)
  • Roku Inc (NASDAQ:ROKU)
  • Zillow Group (NASDAQ:ZG)
  • Teradyne Inc (NASDAQ:TER)
  • Intercontinental Exchange Inc (NYSE:ICE)
  • PACCAR Inc. (NASDAQ:PCAR)
  • Sea Ltd (NYSE:SE)
  • Square Inc (NASDAQ:SQ)
  • Nvidia Corp (NASDAQ:NVDA)
  • Silvergate Capital Corp. (NYSE:SI)
  • Agora Inc (NASDAQ:API)

https://markets.businessinsider.com/news/etf/cathie-wood-piles-up-teladoc-as-shares-slump-on-q1-miss-also-adds-more-tesla-1030367623

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