Cathie Wood’s Ark Investment Management on Wednesday further raised its exposure in Velo3D Inc VLD on the dip.
The popular money managing firm bought 19,136 shares, estimated to be worth $121,130.8 based on Wednesday’s closing price in Velo3D.
Velo3D stock closed 26.48% lower at $6.3 a share on Wednesday.
The California-based Velo3D is a 3D-printing technology firm that counts Tesla Inc TSLA CEO Elon Musk’s SpaceX among key clients.
Other than SpaceX, Benny Buller-founded Velo3D has worked with Honeywell International Inc HON, Boom Supersonic, and Lam Research, since its production launch in 2018.
Ark Invest bought shares in the company through two of its actively traded exchange funds — the Ark Space Exploration & Innovation ETF ARKX and the Ark Autonomous Technology & Robotics ETF ARKQ.
The two ETFs held 7.58 million shares, worth $65.3 million, in Velo3D, before Wednesday’s trade.
Wood's Ark has been steadily buying shares in Velo3D since its market debut in October, which happened via a merger with blank-check firm Jaws Spitfire Acquisition Corp.
Photo: Courtesy of Velo3D
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