Cathie Wood-led Ark Investment Management bought a total of 716,269 shares, worth about $122.38 million, in Teladoc Health Inc 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 ARKG, the Ark Innovation ETF ARKK and the ARK Next Generation Internet ETF 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 TSLA.
The investment firm holds a total of about $2.5 billion in Teladoc, as per Thursday's close.
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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 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.
Other Ark Buys On Thursday:
- CM Life Sciences II Inc CMIIU
- Zymergen Inc ZY
- Recursion Pharmaceuticals RXRX
- Ionis Pharmaceuticals Inc IONS
- 908 Devices MASS
- Spotify Inc SPOT
- Shopify Inc SHOP
- Coinbase Global Inc COIN
- Iridium Communications IRDM
- 3D Systems Corp DDD
- Galileo Acquisitions Corp GLEO
- Jaws Spitfire Acquisition SPFR
- Tencent Holdings ADR TCEHY
- Pinduoduo Inc PDD
Other Ark Sells On Thursday:
- Phreesia PHR
- Novartis Ag NVS
- Thermo Fisher Scientific Inc TMO
- Pluristem Therapeutics PSTI
- Regeneron Pharmaceuticals REGN
- Pure Storage Inc PSTG
- Roku Inc ROKU
- Zillow Group ZG
- Teradyne Inc TER
- Intercontinental Exchange Inc ICE
- PACCAR Inc. PCAR
- Sea Ltd SE
- Square Inc SQ
- Nvidia Corp NVDA
- Silvergate Capital Corp. SI
- Agora Inc API
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