Why Velo3D Stock Skyrocketed Today
Velo3D (NYSE: VLD) stock saw explosive gains in Firday's trading. The company's share price closed out the daily session up 24.8%, according to data from S&P Global Market Intelligence.
While Velo3D stock experienced big sell-offs earlier in the week on news that its chief financial officer (CFO) would be departing, it surged today thanks to support from a high-profile investor. The latest updates published by CEO Cathie Wood's Ark Invest showed that the firm had purchased $1.8 million worth of Velo3D shares, and the 3D-printing specialist's stock popped Friday on the development.
Velo3D stock has seen volatile swings this week. The company published a press release after the market closed on Tuesday announcing that its CFO William McCombe would be resigning at the end of the week. The unexpected management shakeup initially prompted a stark pullback for the company's share price, but it bounced back Friday following news that Ark Invest has been buying shares.
Source Fool.com
