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Cathie Wood bought more of this profitless tech stock this week

Cathie Wood seems to be having a fantastic start to the new year with her ARK Innovation ETF now up 25% year-to-date – and she’s continuing to make adjustments to her holdings in hopes of even better returns moving forward.

Cathie Wood sells more of EXAS

The billionaire investor continued to trim her stake this week in Exact Sciences Corp (NASDAQ: EXAS) – one of her top favourites.

Wood capitalised on a more than 100% gain in the medical diagnostics company over the past three months and sold 100,326 of its shares across several of her funds on January 24th, realizing $6.6 million in cash.

Part of the recent rally in Exact Sciences was related to its third quarter earning report. The Madison-headquartered firm is still the largest holding in her flagship ETF.

What did Cathie Wood buy in its place?

On the flip side, Cathie Wood has been increasing exposure to Teladoc Health Inc (NYSE: TDOC) that’s down nearly 20% versus its high in November.

At the close of January 24th, Wood spent $2.4 million to load up on 87,383 shares of the online medical care platform. TDOC is also one of her top ten holdings in the ARK Innovation Fund.

In its current financial quarter, analysts expect Teladoc Health to lose 27 cents a share – up significantly from 7 cents of per-share loss a year ago. Nonetheless, Wood is more bullish on this tech stock versus the Street that currently rates it a “hold” on average.

The post Cathie Wood bought more of this profitless tech stock this week appeared first on Invezz.

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