Why Teladoc Health Stock Is Jumping Today
Shares of Teladoc Health (NYSE: TDOC) are jumping today, up 4.9% as of 10:56 a.m. ET. The gains appear to be the result of investors buying on the dip after Teladoc stock plunged last week due to its disappointing second-quarter update.
One famous investor is definitely taking advantage of Teladoc's lower price. Ark Invest founder and CEO Cathie Wood bought over 264,000 shares of the virtual care provider on July 28 for her Ark Innovation ETF.
Teladoc reported another huge net loss in Q2, as well as slowing revenue growth. It's not surprising that the telehealth stock sank last week. But there's a reason why Wood and other investors have stepped in to scoop up shares at lower prices.
Source Fool.com
