Cathie Wood Adds Over $1.7M In Teladoc Shares A Day After Report Of Amazon Winding Down Its Telehealth Service

Cathie Wood-led Ark Investment Management loaded up on 50,263 shares of Teladoc Health Inc TDOC, via the firm’s ARK Genomic Revolution ETF ARKG, valued at over $1.7 million based on Thursday’s closing price.

Teladoc is the fund’s fourth-largest holding, valued at over $131 million, with a weight of 4.68%, according to data on the firm’s website.

Price Action: Teladoc shares closed 4% higher on Thursday following several reports that Amazon.com, Inc. AMZN plans to shut down its telehealth service, Amazon Care. Last week, Guggenheim downgraded the rating on the stock to “Sell” from “Neutral”, with a price target of $25, according to Benzinga Pro.

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Wood also bought 155,371 shares of Adaptive Biotechnologies Corp ADPT, via the firm’s ARK Genomic Revolution ETF, valued at over $1.7 million based on Thursday’s closing price.

Adaptive Biotechnologies is the 11^th largest holding of the fund valued at over $100 million with a weight of over 3.57%, according to the firm’s website.

Analyst Rating: Credit Suisse has initiated its coverage of the stock with an “Underperform” rating with a price target of $8, according to data from Benzinga Pro.