Cathie Wood Doubles Down On Telehealth Play With $15M Buy

Cathie Wood-led Ark Investment Management on Thursday bought the dip in shares of telehealth services provider Teladoc Health, Inc. NYSE: TDOC.

Teladoc is a component in Ark's four ETFs, namely its flagship ARK Innovation ETF NYSE: ARKK, the ARK Next Generation Internet ETF NYSE: ARKW, the ARK Fintech Innovation ETF NYSE: ARKF, and the ARK Genomic Revolution ETF BATS: ARKG.

Ark, through the four ETFs, bought 407,800 shares of Teladoc, valued at $15.2 million.

Related Link: Teladoc Health's Revised Outlook 'Implies More Downside' According To This Analyst

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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