Cathie Wood's ARK ETFs load up on Teladoc after the stock dips following Amazon threat
- Cathie Wood's ARK
ETFsadded 305,476 shares of Teladocon Wednesday.
- The shares were worth roughly $58 million as of market close on March 17.
- Teladoc is underfire from Amazon after the e-commerce giant launched a new telehealth business.
Teladoc is now the largest holding in the
As of market close on March 17, the combined shares bought by Wood's ETFs were worth approximately $58 million.
Teladoc has been under pressure of late after Amazon announced it's launching a rival telehealth business called Amazon Care. The service had previously only been available to Amazon employees in the state of Washington.
Now, as Insider reported back in December, Amazon Care is undertaking a national expansion with the goal of serving workers at other major companies in all 50 states.
Shares of the multinational telemedicine and virtual healthcare company have fallen over 36% from mid-February highs. While some investors fear Teladoc may have more downside ahead of it, many experts argue Amazon won't be able to take over from the Harrison, New York-based firm so easily.
David Larsen, CFA, a managing director at BTIG, told Bloomberg, "the threat is overstated because Teladoc and American Well have contracts with many of the large health plans. Amazon has been very successful in taking market share from your traditional retail storefronts in many areas. But health care is different."
Teladoc traded down 3% as of 3:49 p.m. ET on Thursday.
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