- On Friday, the Ark Investment Management of Cathie Wood raised its share in Velo3D Inc, an end-to-end metal 3D printing solution for mission-critical parts.
- The company also includes Tesla CEO Elon Musk SpaceX as one of its prime clients.
Wood purchased more than 96,000 shares of the firm, worth more than $421,000, grounded on the closing price of Thursday by the ARK Space Exploration and Innovation ETF. The fund carries Velo3D shares worth more than $8.9 million, having a weight of approx 3.18%.
Ark Investment Management is an American investment management company headquartered in St. Petersburg, Florida, that controls various activities managed exchange-traded funds. The company was established by Cathie Wood in 2014.
Recently, Wood has left her work as a portfolio manager position on two ETFs at Ark. The position is now handed over to Will Scherer, who was a trading manager at the company till now. Now, Wood is the only CEO and portfolio manager on the actively managed funds.
One week ago, Velo3d publicized that Kevton Technologies had bought seen of the firm’s Sapphire printers. The investment is one of the biggest ever having Velo3D from a contract creator and will position Kevton Technologies as one of the leading suppliers of additional manufacturer parts based on Velo3D’s laser powder bed fusion technology.
The company’s shares lost over 7%
The Velo3D’s additive manufacturing technology was established in 2018 and has witnessed wide adoption in the aerospace industry since then, with clients like Launcher, SpaceX, Hermes, Lockheed Martin Corporation, and Aerojet Rocketdyne Holdings Inc utilizing it to make a few of their most complicated designs.
The company’s shares have lost more than 7% in the past five days. Since the start of this year, the stock has lost more than 44%, as per the data from a reliable media outlet.
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