Cathie Wood Trims Tesla Stake Ahead Of Next Week's Stock Split — Loads Up $11M In This Telehealth Stock

Cathie Wood Trims Tesla Stake Ahead Of Next Week's Stock Split — Loads Up $11M In This Telehealth Stock

Cathie Wood-led Ark Investment Management bought 311,073 Teladoc Health Inc TDOC shares valued at over $11 million, through four of its exchange-traded funds, according to the firm's trading disclosure.

Teladoc is the fifth largest holding in Ark's flagship fund Ark Innovation ETF ARKK, with a weight of 4.51%. ARKK holds more than 11 million shares in the company,  valued at over $415 million.

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Analyst Rating: Guggenheim recently downgraded Teladoc shares from Neutral to Sell with a price target of $25, according to Benzinga Pro.

Guggenheim analyst Sandy Draper attributed his pessimism to a delay in enterprises choosing to sign up due to a weakening macroeconomic environment, consumers reducing their spending in an inflationary environment, and to a lesser extent on headwinds from a strong greenback, reported Barrons.

Tesla and Twitter Stake Trimmed: Cathie Wood sold 898 shares of Tesla Inc. TSLA valued at over $800,000 based on Wednesday’s closing price through the ARK Next Generation Internet ETF ARKW. Tesla stock is set for a three-for-one stock split on Aug. 25 after the EV maker secured approval from shareholders earlier this month.

Wood also sold 100 shares of Twitter Inc. TWTR valued at $4,399 based on Wednesday’s closing price.

Posted In: ARK InvestCathie WoodEurasiaLong IdeasNewsBroad U.S. Equity ETFsShort IdeasTrading IdeasETFs