Cathie Wood-led Ark Investment Management on Thursday bought the dip in shares of telehealth services provider Teladoc Health, Inc. TDOC.
Teladoc is a component in Ark’s four ETFs, namely its flagship ARK Innovation ETF ARKK, the ARK Next Generation Internet ETF ARKW, the ARK Fintech Innovation ETF ARKF, and the ARK Genomic Revolution ETF ARKG.
Ark, through the four ETFs, bought 407,800 shares of Teladoc, valued at $15.2 million.
The New York-based company saw its shares tumble 17.67% on Thursday after posting a bigger second-quarter loss. The company also lowered its full-year guidance toward the low end of its previous forecast range.
Following the results, analysts downgraded the shares, citing factors intrinsic and external to the company.
Teladoc, a COVID play, rallied through the pandemic in 2020 and peaked in early 2021, before pulling back sharply. It was one of the better-performing stocks in Ark’s portfolio amid the pandemic. Year-to-date, Teladoc is down about 61%.
Price Action: The stock closed Thursday’s session down 17.67% at $35.60, according to Benzinga Pro data.
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