Cathie Wood Adds $1.1M Stake In This 3D Printing Partner Of Elon Musk's SpaceX

Cathie Wood’s Ark Investment Management on Tuesday further raised its exposure in Velo3D Inc VLD, a 3D-printing technology firm that counts Tesla Inc TSLA CEO Elon Musk's SpaceX among its key customers.

The popular money manager bought 419,575 Velo3D shares — estimated to be worth about $1.12 million based on their last closing price — on the dip through two of its actively traded exchange funds.

Velo3D shares closed 5.45% lower at $2.69 on Tuesday. The stock is down 66% year-to-date.

The popular stock-picking firm owns shares in Velo3D via its Ark Space Exploration & Innovation ETF ARKX and Ark Autonomous Technology & Robotics ETF ARKQ.

The ETFs held 8.66 million — worth $24.86 million— in Velo3D before Tuesday’s trade.

St. Petersburg, Florida-based Ark has been steadily piling up shares in the company since its market debut in October, which happened via a merger with blank-check firm Jaws Spitfire Acquisition Corp.