Cathie Wood’s ARK Invest Buys Over 225,000 Shares of Teladoc
A couple of Cathie Wood's Ark Invest funds buy over 225,000 shares of Teladoc on March 17.
Two ARK exchange-traded funds run by ETF star Cathie Wood bought over 225,000 shares of Teladoc Health,Inc. (NYSE: TDOC) shares on Wednesday, as the prices of those ETFs each gained about 1% in Wednesday’s session. Each is up well over 200% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 174,957 shares of Teladoc Health, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought an additional 52,148 shares. At Wednesday’s closing price this would have valued this purchase at roughly $43 million. Each is a small fraction of the total holdings. ARKK is up 239% in the last year. ARKW is up 248% over the same period.
Teladoc Health is one company that has been winning because of the coronavirus pandemic, even if it has pulled back a fair amount recently. Shares reached nearly as high as $300 in February, practically triple the price of one year ago.
While this may overly simplify its business model, what makes Teladoc stand out from regular health clinics is that people effectively video conference with a physician who can then advise them what to do or where to go.
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Considering how most things have been trending towards video conferencing in a post-corona-world, Teladoc may have a leg up on the rest of the industry. Still, it’s meant to be a lot simpler getting a video conference on a computer or a mobile device than it is to call a physician and get an office visit appointment.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
