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Shares of Velo3D (NYSE:VLD) are in focus following a purchase by Cathie Wood's ARK Space Exploration & Innovation (BATS:ARKX) exchange-traded fund (ETF). Velo3D is a 3D printing company that focuses on developing metal printing systems. Its products are used for space travel, renewable energy, supersonic flights and more. Velo3D also has an impressive array of customers, including SpaceX, Honeywell (NASDAQ:HON) and Lam Research (NASDAQ:LRCX).

Yesterday, it was announced that Wood would step down from her post as the portfolio manager of the 3D Printing ETF (BATS:PRNT) and the ARK Israel Innovative Technology ETF (BATS:IZRL). Her replacement will be Will Scherer, who joined Ark in 2014 and most recently served as a trading manager. Both ETFs have over $100 million in assets under management and are down more than 35% year-to-date.

Wood confirmed that she would step down, although she did not explain the reasons why. She will continue to serve as the chief investment officer of Ark and the portfolio manager of her remaining ETFs.

With that in mind, let's get into the details of Wood's VLD stock purchase.

Cathie Wood Doubles Down on VLD Stock

Yesterday, ARKX picked up 96,623 shares of VLD following earlier purchases in the week. Between Sept. 19 and Sept. 22, the ETF acquired a total of 99,616 shares. After the purchases, VLD is now the eighth-largest position in ARKX with a 3.19% portfolio weight. In total, the ETF owns 11.1 million shares.

Last week, Velo3D announced that 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 begin printing during Q1 of next year.

Kevton President Kevin Nguyen added: "Our team is seeing a strong trend towards additive manufacturing  — especially within the aerospace industry — and our partnership with Velo3D will help us maintain our leadership position as a provider of manufactured parts within all of our key industries."

Velo3D is quickly cementing its place in the additive manufacturing industry. In the past six quarters, revenue has surged by more than 15x. During Q2, revenue came in at $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, "possibly as early as the end of 2022."

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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