Cathie Wood’s ARK Investment Management is the largest shareholder in Teladoc Health, which suffered its worst trading day on record after slashing its financial outlook
saw rapid growth at the beginning of the Covid-19 pandemicBut Teladoc said late Wednesday in its quarterly earnings report that its financial outlook had dimmed for the rest of the year amid higher advertising costs and slower than expected sales growth. The digital health industry has also grownTeladoc’s stock closed Thursday at $33.51, its lowest point since February 2018. It has fallen nearly 90% since its high in February 2021.for ARK’s flagship fund, which closed Thursday at $48.
Speaking earlier this month on a quarterly webinar, Ms. Wood said she was confident in the companies she invests in. Simon Barnett, an analyst for ARK Investment Management, said the firm is focused on Teladoc’s future over the next five years rather than on one bad trading day.The last time Teladoc traded at about $33, in 2018, it had a fraction of its current number of paid users and had negative cash flow, Mr. Barnett said.
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