Two ARK exchange-traded funds run by ETF star Cathie Wood bought nearly 200,000 shares of Teladoc Health,Inc. (NYSE: TDOC) shares on Monday, as the prices of those ETFs each gained about 5% in Monday’s rally. Each is up well over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 111,041 shares of Teladoc Health, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought an additional 88,691 shares. Each is a small fraction of the total holdings. ARKK is up 163% in the last year. ARKW is up 170% over the same period.
Teladoc Health is one company that has been winning because of the coronavirus pandemic, even if it has pulled back a fair amount recently. Shares reached nearly as high as $300 in February, practically triple the price of one year ago.
While this may overly simplify its business model, what makes Teladoc stand out from regular health clinics is that people effectively video conference with a physician who can then advise them what to do or where to go.
Considering how most things have been trending towards video conferencing in a post-corona-world, Teladoc may have a leg up on the rest of the industry. Still, it’s meant to be a lot simpler getting a video conference on a computer or a mobile device than it is to call a physician and get an office visit appointment.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.