5 Best ARK Stocks to Invest In

2. Teladoc Health, Inc. (NYSE: TDOC)

Number of Hedge Fund Holders: 43

Weight: 5.62%

Teladoc Health, Inc. (NYSE: TDOC) is a virtual healthcare company based in New York that ranks 2nd on the list of 12 best ARK stocks to invest in. Teladoc Health, Inc. (NYSE: TDOC) provides telehealth services to businesses and health organizations. In 2020, the company has delivered over 10.5 million virtual medical visits.

According to the latest data from ARK Investment Management LLC, the hedge fund owned 8,616,388 shares of Teladoc Health, Inc. (NYSE: TDOC) worth $1.25 billion as of August 25, 2021, accounting for 5.62% of the Ark Innovation ETF (NYSEARCA: ARKK).

In July, Teladoc Health, Inc. (NYSE: TDOC) teamed up with Microsoft Corporation (NASDAQ: MSFT) to integrate the telemedicine firm’s Solo platform and Microsoft Teams to improve virtual care services for hospitals and health systems.

On April 9, Cowen analyst Charles Ryhee maintained an Outperform rating on Teladoc Health, Inc. (NYSE: TDOC) with a price target of $188 per share, citing an upcoming catalyst in Q4 2021. Shares of Teladoc Health, Inc. (NYSE: TDOC) climbed 4.42% in the last five days.

The company has a market cap of $22.32 billion. In the second quarter of 2021, Teladoc Health, Inc. (NYSE: TDOC) reported an EPS of -$0.58, missing estimates by -$0.04. The company’s second-quarter revenue came in at $503.14 million, up 109% year over year, and beat revenue estimates by $3.29 million. Total virtual medical visits and sessions provided grew 64% to 4.53 million, up from 2.75 million in the second quarter of 2020.

At the end of the second quarter of 2021, 43 hedge funds in the database of Insider Monkey held stakes worth $3.57 billion in Teladoc Health, Inc. (NYSE: TDOC), up from 42 in the preceding quarter worth $3.37 billion. 

In its Q1 2021 investor letter, mentioned Teladoc Health, Inc. (NYSE: TDOC) and shared their insights on the company. Here is what the fund said:

“Teladoc is a leading play on telemedicine, a hyper-growth market with significant opportunity for increases in utilization accelerated by the COVID19 environment. The company is well-positioned for this evolution in treatment after years of work building out its network of doctors and payors. Its recent merger with Livongo expands the company’s customer base and increases the number of products to cross-sell such as holistic, chronic disease, and second opinion services. International expansion is another significant opportunity.”