Cathie Wood, the head of Ark Investment Management, doubled down on one of her stocks when it was in hot weather on April 28.
Ark funds bought 609,665 shares of Teladoc (TDOC) on April 28 (collectively, Teladoc Health, Inc. Report), which was valued at $20.4 million (all valuations below are also applicable to the April 28 closing).
Teladoc''s stock fell 40% on April 28 as a result of a weak earnings forecast. The company reduced its earnings outlook and announced a $6.6 billion impairment charge following its acquisitions.
Wood has stated that the drop in young, disruptive technology stocks during recent months is a buying opportunity. Teladoc is the eighth largest holding in the Woods flagship Ark Innovation ETF (ARKK) - Get ARK Innovation ETF Report. It was much higher before the stocks fell.
Tesla''s sale is expected to take place in the near future.
Ark Innovation acquired 10,035 shares of Tesla (TSLA) in other activities April 28 - Get Tesla Inc Report, which was valued at $8.8 million.
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Wood has said that her Tesla sales merely represent profit-taking and that she still believes in the company. Ark Innovation is the largest shareholder in Tesla.
Also April 28, Ark Next Generation Internet ETF (ARKW) - Get Splunk Inc. Report, a global investment firm, with 203 shares of Ark Fintech Innovation ETF (ARKF) released by ARK Fintech Inc. Report, valued at $25,649. Ark Fintech Innovation ETF (ARKF) - Get LendingClub Corp Report, a global investment fund, valued at $14,688.
Get ARK Genomic Revolution ETF Reportsnagged 68,112 shares of biotechnology company Surface Oncology (SURF) - Get Surface Oncology, Inc. Report, valued at $145,079. And Ark Genomic snapped up 25,000 shares of biotech company Quantum-SI (QSI), valued at $109,750.
Performance in Ark Innovation
Ark Innovation has dropped by 48 percent so far this year due to a drop in technology stocks and has dropped by 69% from its peak in February 2021.
According to Morningstar, Wood brushes off the descent, stating that her investment focus is five years. Indeed, Ark Innovation has outperformed the S&P 500 in the last five years. As of early April 28, the ETF had a combined return of 16.3%, compared to 13.9% for the S&P 500.
Investors are believed to be interested in Wood. Ark Innovation received $658 million this year through April 21, including $59 million in the latest week, according to FactSet. Ark Innovation has a total worth of $9.1 billion, according to Morningstar.