5 Growth Stocks Reddit’s WallStreetBets Is Buying

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

Number of Hedge Fund Holders: 42   

Teladoc Health, Inc. (NYSE: TDOC) is a New York-based company that provides virtual healthcare services. It is placed third on our list of growth stocks Reddit’s WallStreetBets is buying. On July 14, the share price of the firm jumped close to 3% after it announced that it was partnering with software giant Microsoft to integrate the Solo platform of the former with the Teams platform of the latter. The move is part of a plan by both firms to strengthen the access to healthcare for patients who want virtual services. 

On July 8, investment advisory Piper Sandler maintained an Overweight rating on Teladoc Health, Inc. (NYSE: TDOC) stock with a price target of $291, underlining that the firm was dominating direct-to-consumer behavioral healthcare. 

At the end of the first quarter of 2021, 42 hedge funds in the database of Insider Monkey held stakes worth $3.3 billion in Teladoc Health, Inc. (NYSE: TDOC), down from 50 in the preceding quarter worth $2.6 billion. 

In its Q4 2020 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and Teladoc Health, Inc. (NYSE: TDOC) was one of them. Here is what the fund said:

“Teladoc Health offers remote physician access to patients at home. After experiencing incredible levels of growth throughout the early stages of the pandemic as its unique value proposition rose to the forefront of the healthcare industry, the firm’s shares cooled off a bit as optimistic vaccine data slightly curtailed investor expectations for the firm’s future growth potential. We sold the stock.”