Here’s Why Greenhaven Road Capital Sold Teladoc Health (TDOC)

Greenhaven Road Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined in the third quarter, bringing the year-to-date returns to approximately -59%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Greenhaven Road Capital highlighted stocks like Teladoc Health, Inc. (NYSE:TDOC) in its third-quarter investor letter. Headquartered in Purchase, New York, Teladoc Health, Inc. (NYSE:TDOC) is a healthcare service provider. On November 25, 2022, Teladoc Health, Inc. (NYSE:TDOC) stock closed at $27.60 per share. One-month return of Teladoc Health, Inc. (NYSE:TDOC) was -6.88% and its shares lost 74.06% of their value over the last 52 weeks. Teladoc Health, Inc. (NYSE:TDOC) has a market capitalization of $4.469 billion.

Greenhaven Road Capital made the following comment about Teladoc Health, Inc. (NYSE:TDOC) in its Q3 2022 investor letter:

“At the end of last year and the beginning of this year, I sold two of our highest multiple holdings and invested in Teladoc Health, Inc. (NYSE:TDOC), believing that swapping out of the highest multiple holdings into a lower multiple holding would provide protection in the event of multiple compression. However, the reality is that the multiple compression on currently loss-making (unprofitable) companies has been severe regardless of starting multiple, and TDOC’s lower relative starting point afforded us far less protection than I expected. We are no longer shareholders today but continue to follow the business and may return someday given its market size, product portfolio, and valuation.”

Source: Unsplash

Teladoc Health, Inc. (NYSE:TDOC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Teladoc Health, Inc. (NYSE:TDOC)  at the end of the third quarter, which was 32 in the previous quarter.

We discussed Teladoc Health, Inc. (NYSE:TDOC) in another article and shared the list of stocks that received updated price targets from analysts after their recent earnings.. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.