Why Teladoc Health Stock Sank 18% Last Month
Shares of Teladoc Health (NYSE: TDOC) were moving lower last month as investors continued to sell high-priced growth stocks that have been pandemic winners. Teladoc, which saw demand for its telehealth services surge during the pandemic, clearly fits into that category. Rising interest rates also pushed investors growth stocks into value stocks and recovery plays.
The only significant piece of news that affected the stock was that Amazon (NASDAQ: AMZN) said it was expanding its Amazon Care telehealth service across the country this summer, which is seen as a threat to Teladoc. According to data from S&P Global Market Intelligence, the stock finished March down 17%.
Image source: Teladoc.
Source Fool.com