Shares of Teladoc Health (TDOC 3.43%) were tumbling today after an analyst cut his price target for the company's stock yesterday. Additionally, some investors may be selling as part of a broader tech stock sell-off that's been occurring in the market since the beginning of the year.
Shares of the virtual healthcare services company were down 4.5% as of 2:18 p.m. ET.
Piper Sandler analyst Sean Wieland lowered his price target for Teladoc's stock from $183 to $118 yesterday. The analyst maintained his overweight rating for the stock but said that some of Teladoc's product integrations "are much less mature than we appreciated."
While that may be one reason why Teladoc was falling today, some investors may be selling their shares as part of a broader sell-off of technology stocks.
Many tech stocks have tumbled since the beginning of this year as fears of rising inflation have caused some people to worry about the economy. Additionally, rising bond yields have caused some investors to leave high-growth stocks. Rising rates can mean that a company's future profits will be worth less than they are now.
It might be best for long-term investors not to get too focused on analysts' price targets and what other investors are doing in the market. There wasn't any fundamental shift in Teladoc's business today and investors may instead want to wait for the company's upcoming earnings report next month before making any decisions about the stock.