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.

Also Read: Alibaba, EV Stocks Fall, Tencent Bucks The Trend After Earnings Report: Hang Seng Index Today

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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Long IdeasNewsBroad U.S. Equity ETFsShort IdeasTrading IdeasETFsARK InvestCathie WoodEurasia
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!