True to her style, Cathie Wood, chief executive of Ark Investment Management, doubled down on one of her stocks when it was in trouble on April 28.
Ark funds bought 609,665 shares of online health-services platform Teladoc (TDOC) – Get Teladoc Health, Inc. Report, valued at $20.4 million as of the April 28 close (all valuations below also are as of the April 28 close).
Teladoc shares cratered 40% April 28, after a weak earnings report. The company cut its earnings guidance and announced a $6.6 billion impairment charge stemming from its acquisitions.
Wood has said that the drop in young, disruptive technology stocks during recent months represents a buying opportunity. Teladoc constitutes the eighth biggest holding in Wood’s flagship Ark Innovation ETF (ARKK) – Get ARK Innovation ETF Report. It was much higher before the stock’s plunge.
Tesla Sale
In other activity April 28, Ark Innovation sold 10,035 shares of electric vehicle maker Tesla (TSLA) – Get Tesla Inc Report, valued at $8.8 million.
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Wood has said that her sales of Tesla merely amount to profit-taking and that she still believes in the company. Tesla is the biggest holding in Ark Innovation.
Also April 28, Ark Next Generation Internet ETF (ARKW) – Get ARK Next Generation Internet ETF Report unloaded 203 shares of business software maker Splunk (SPLK) – Get Splunk Inc. Report, valued at $25,649. Ark Fintech Innovation ETF (ARKF) – Get ARK Fintech Innovation ETF Report dumped 900 shares of online lending marketplace LendingClub (LC) – Get LendingClub Corp Report, valued at $14,688.
Ark Genomic Revolution (ARKG) – Get ARK Genomic Revolution ETF Report snagged 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.
Ark Innovation Performance
Ark Innovation has dropped 48% so far this year amid the slump in technology stocks and is down 69% from its February 2021 peak.
Wood brushes off the descent, saying her…
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