Notable fund manager, Cathie Wood, has further increased the exposure of her ETFs to Teladoc Health (NYSE:TDOC) after the telehealth company witnessed a sharp selloff on Thursday in reaction to its lower-than-expected 1Q 2022 financials.
After a ~40% drop during regular trading, Teladoc (TDOC) shares continued to fall in the post-market even as Cathie Wood-run ETFs added more than 600K company shares.
ARK Innovation (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Genomic Revolution (ARKG), and ARK ETF Trust - ARK Fintech Innovation ETF (ARKF) have added ~386.7K, ~63.0K, ~130.1K and ~29.8K Teladoc (TDOC) shares on Thursday, respectively.
Having made up the second-largest holding of Ark Invest with over $1.0B market value, Teladoc (TDOC) shares reached a 52-week low to contribute only $580.9M value to Ark’s actively run ETFs after the selloff.