Cathie Wood Loads Up More On Peloton, Skillz, Teladoc On The Dip

Cathie Wood-led Ark Investment Management snapped up over 3 million shares, worth about $48.53 million, in Skillz Inc SKLZ on Wednesday.

SKLZ shares closed 9% lower at $15.48 on Wednesday and were down 1% in after-hours trading in the aftermath of the company reporting a wider quarterly loss alongside a surge in revenue.

Ark owned about 12.9 million shares in Skillz divided between the ARK Innovation ETF ARKK and Ark Next Generation Internet ETF ARKW ahead of Wednesday's trade, worth about $263.98 million.

The New York-based hedge fund had last week come out in support of the company amid short-seller allegations related to its revenue recognition practices and the NFL partnership.

The investment firm also bought 325,805 shares, worth about $51.15 million, in Teladoc Health Inc TDOC, a telemedicine company.

The hedge fund bought the shares of the New York-based company via three of its funds — the Ark Genomic Revolution ETF ARKG, ARKK and ARKW.

Teladoc is ARKG’s largest investment among a portfolio of 60 stocks and represented a weight of 7.07% ahead of Wednesday’s trade. Teladoc is also ARKK's second-largest investment just below Tesla Inc TSLA.

Wood’s firm also leveraged the dip in exercise bike maker Peloton Interactive Inc PTON to snap up 140,904 shares, worth about $11.6 million.

The shares of the company closed 15% lower at $82.62 on Wednesday after the company issued a recall of its Tread and Tread+ treadmills. The stock was further down 1.72% in extended hours.

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