Cathie Wood-led Ark Investment Management bought 311,073 Teladoc Health Inc (NYSE: 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 (NYSE: 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. (NASDAQ: TSLA) valued at over $800,000 based on Wednesday’s closing price through the ARK Next Generation Internet ETF (NYSE: 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 . (NYSE: NYSE:TWTR) valued at $4,399 based on Wednesday’s closing price.
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