Cathie Wood-led Ark Investment Management on Wednesday piled up 713,842 shares, estimated to be worth about $108.37 million, in Teladoc Health Inc TDOC, a day after the telemedicine company reported a wider-than-expected quarterly loss.
Teladoc shares opened 10.8% lower on Wednesday but pared losses in the second half to close 0.53% higher at $151.81.
The New York-based investment firm bought the shares of the company via three of its funds — the Ark Genomic Revolution ETF ARKG, the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW.
No other ETF holds the shares in Teladoc.
The three ETFs held 14.1 million shares, worth $2.12 billion, in Teladoc ahead of Wednesday’s trades.
ARKG counts Teladoc as its largest investment among a portfolio of 60 stocks. The virtual healthcare company is also ARKK's third-largest investment after Tesla Inc TSLA and Roku Inc ROKU.
The popular investment firm also snapped up 256,567 shares, estimated to be worth about $57.3 million, in Spotify Technology SPOT as the digital music streaming company's stock fell as much as 10.1% on Wednesday after reporting a drop in average revenue per user.
See also: HOW TO BUY SPOTIFY (SPOT) STOCK
Shares of Spotify pared losses to close 5.74% lower at $223.32 on Wednesday.
Both ARKK and ARKW bought the shares in Spotify on Wednesday. No other ETF has stakes in Spotify. Together, the two ETFs held about 4.12 million shares, worth about $978.38 million, in Spotify ahead of Wednesday's trade.
The popular investment firm also snapped 5,774 shares, estimated to be worth about $8.88 million, in the Canadian e-commerce company Shopify Inc SHOP on the dip.
Shopify stock closed 1.1% lower at $1,538 on Wednesday despite an earnings beat as investors looked for growth beyond COVID-19.
The investment firm bought the shares of Shopify via the Ark Fintech Innovation ETF ARKF and also holds the stock via ARKW and ARKK.
Together, the three ETFs held 1.06 million shares, worth $1.64 billion, in Shopify ahead of Wednesday’s trades.
Some of the other key Ark Invest sells on Wednesday included BYD Co BYDDF and Skillz Inc SKLZ and buys included Quantum-Si Inc QSI.
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