Company shares Velo3D (NYSE:VLD) are in the spotlight after shopping at Cathie Wood’s ARK Space exploration and innovation (BATS:ARKX) exchange-traded fund (ETF). Velo3D is a 3D printing company which focuses on the development of metal printing systems. Its products are used in space travel, renewable energy, supersonic flight and more. Velo3D also has an impressive range of clients including SpaceX, Honeywell (NASDAQ:Dear) and Lam Research (NASDAQ:LRCX).
It was announced yesterday that Wood will to step down from the position of portfolio manager of the company 3D printing of ETFs (BATS:PRNT) and ARK Israel Innovative Technology ETF (BATS:IZRL). Her replacement will be Will Scherer, who joined Ark in 2014 and most recently worked as a sales manager. Both ETFs have more than $100 million in assets under management and are down more than 35% year-to-date.
Wood has confirmed that she will resign, although she has he did not explain reasons why. She will continue to serve as Ark’s chief investment officer and portfolio manager of its remaining ETFs.
With that in mind, let’s dive into the details of Wood’s purchase of VLD shares.
Cathie Wood doubles VLD share value
Yesterday, ARKX picked up 96,623 shares VLD after previous purchases in the week. Between September 19 and 22, the ETF acquired a total of 99,616 shares. After shopping, VLD is now the eighth largest city in ARKX with a 3.19% portfolio weight. In total, the ETF owns 11.1 million shares.
Last week, Velo3D announced this Kevton Technologies had purchased seven of its Sapphire printers. The purchase was one of the largest ever from a contract manufacturer. The first two printers are expected to start printing in the first quarter of next year.
Kevton President Kevin Nguyen added: “Our team is seeing a strong trend towards additive manufacturing – particularly in the aerospace industry – and our partnership with Velo3D will help us maintain our leading position as a manufactured parts provider in all of our key industries.”
Velo3D is quickly consolidating its place in the additive manufacturing industry. Over the past six quarters, revenue has increased increased by more than 15x. In the second quarter, revenue was $19.6 million, up 60% year-over-year. The company also has a strong cash balance of $142 million and expects to become the largest metal additive manufacturing company “perhaps as early as late 2022.”
As of the date of publication, Eddie Pan did not hold (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are the subject of InvestorPlace.com Publishing Guidelines.