ARK Innovation ETF (NYSE:ARKK) is making new 52-week lows on Thursday, led by sharp declines in the top holdings of Ark's flagship fund.
Teladoc Health Inc (NYSE:TDOC) is trading significantly lower after the company reported weak financial results. The virtual health company reported an earnings loss of $41.58 per share, which Teladoc said was primarily driven by a non-cash goodwill impairment charge of $6.6 billion ($41.11 per share).
Ark Invest is the largest Teladoc shareholder and the stock is the third largest holding in the ARK Innovation ETF with a 6.82% weighting. Teladoc shares were down nearly 50% at last check.
Other top holdings include Tesla Inc (NASDAQ:TSLA), Zoom Video Communications Inc (NASDAQ:ZM), Roku Inc (NASDAQ:ROKU) and Coinbase Global Inc (NASDAQ:COIN).
See Also: Tesla Shares Plummet Through Key Levels: Did Musk Feed The Stock To The Bears?
Tesla and Coinbase are both down about 4.5% at publication time. Tesla is down nearly 20% year-to-date, while Coinbase is down more than 50% this year.
Zoom Video and Roku are trading slightly higher at time of publication, but both stocks have recorded sizable declines year-to-date. Zoom Video is down more than 46% and Roku is down more than 62% since the start of the year.
Ark Invest founder and CEO Cathie Wood continues to reaffirm her expectations for significant price appreciation in the innovation space over a five-year period.
ARKK 52-Week Range: $49.46 - $132.50
The ARK Innovation ETF was down 5.67% at $46.69 at time of publication.
Photo: kiquebg from Pixabay.
