Cathie Wood's ARK Innovation ETF Hits 52-Week Low: What's Going On?

ARK Innovation ETF ARKK is making new 52-week lows on Thursday, led by sharp declines in the top holdings of Ark's flagship fund.

Teladoc Health Inc TDOC is trading significantly lower after the company reported weak financial results. The virtual health company reported an earnings loss of $41.58 per share, which Teladoc said was primarily driven by a non-cash goodwill impairment charge of $6.6 billion ($41.11 per share).

Ark Invest is the largest Teladoc shareholder and the stock is the third largest holding in the ARK Innovation ETF with a 6.82% weighting. Teladoc shares were down nearly 50% at last check. 

Other top holdings include Tesla Inc TSLA, Zoom Video Communications Inc ZM, Roku Inc ROKU and Coinbase Global Inc COIN.

See Also: Tesla Shares Plummet Through Key Levels: Did Musk Feed The Stock To The Bears?

Tesla and Coinbase are both down about 4.5% at publication time. Tesla is down nearly 20% year-to-date, while Coinbase is down more than 50% this year.

Zoom Video and Roku are trading slightly higher at time of publication, but both stocks have recorded sizable declines year-to-date. Zoom Video is down more than 46% and Roku is down more than 62% since the start of the year. 

Ark Invest founder and CEO Cathie Wood continues to reaffirm her expectations for significant price appreciation in the innovation space over a five-year period. 

ARKK 52-Week Range: $49.46 - $132.50

The ARK Innovation ETF was down 5.67% at $46.69 at time of publication.

Photo: kiquebg from Pixabay.