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Thu. 22 Sep 2022, 9:37pm ET Benzinga Long Ideas, News, Penny Stocks, Broad U.S. Equity ETFs, Small Cap, Markets, Tech, Trading Ideas, ETFs

Cathie Wood’s Ark Investment Management on Friday hiked its stake in Velo3D Inc (NYSE:VLD), a 3D-printing technology firm that counts Tesla Inc (NASDAQ:TSLA) CEO Elon Musk's SpaceX among its key customers.

Wood bought over 96,000 shares of the company, valued at over $421,000 based on Thursday’s closing price through the ARK Space Exploration & Innovation ETF (NYSE:ARKX). The fund holds Velo3D shares valued at over $8.9 million with a weight of 3.18%.

Also Read: Cathie Wood Finds This 'Most Disappointing' About Fed's Move — Sounds Alarm Again On This Overlooked Factor

Last week, Velo3D announced that Kevton Technologies had purchased seven of the company's Sapphire printers. The purchase is one of the largest ever with Velo3D from a contract manufacturer and will make Kevton Technologies one of the top suppliers of additively manufactured parts relying on Velo3D's laser powder bed fusion technology.

Velo3D’s additive manufacturing technology made its debut in 2018 and has since seen extensive adoption in the aerospace industry, with customers like Launcher, SpaceX, Hermeus, Lockheed Martin Corporation (NYSE:LMT), and Aerojet Rocketdyne Holdings Inc (NYSE:AJRD) using it to build some of their most complex designs.

Price Action: Velo3D Inc shares have lost over 7% in the last five days. Since the beginning of the year, the stock has lost over 44%, according to data from Benzinga Pro.

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