Shares of telehealth company Teladoc Health Inc. (TDOC) plummeted 5.10% during Wednesday's trading session, underperforming the broader market.
The steep decline appears to be driven by an announcement from short-seller Blue Orca Capital that they have taken a short position in Teladoc. Short-selling is an investment strategy where investors borrow shares and sell them, hoping to buy them back at a lower price and profit from the price decline.
When a prominent short-seller like Blue Orca publicly announces they are betting against a stock, it can put significant downward pressure on the share price as other investors anticipate potential negative revelations about the company from the short-seller's research. The market will be closely watching for any critical report from Blue Orca that outlines reasons for their bearish stance on Teladoc.
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