Teladoc stock tumbles after another quarter of wider-than-expected loss prompts multiple price target cuts

Shares of Teladoc Health Inc. tumbled 9.3% toward a near 11-month low in afternoon trading Thursday, after the provider of tele-healthcare services reported yet another quarterly loss that was wider than expected. The stock has now plunged 42.6%, since the stock shot up 140% in a year to a record $294.54 on Feb. 8 as the company was a seen as a beneficiary of the COVID-19-related stay-at-home measures. But late Wednesday, the company reported a net loss that widened to $199.6 million, or $1.31 a share, from $29.6 million, or 40 cents a share, missing the FactSet per-share loss consensus of 54 cents, marking the fifth-straight miss. The company has reported a quarterly loss for every quarter since it went public in July 2015. After Teladoc’s report, no less than 14 of the 31 analysts surveyed by FactSet lower their price targets, to bring the average target down to $241.07 from $259.81 at the end of March. The stock, which is headed toward the lowest close since June 9, 2020, has now shed 15.4% year to date, while the SPDR Health Care Select Sector ETF has gained 6.9% and the S&P 500 has advanced 8.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.