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Cathie Wood's Ark Bought 2 Million 3D Shares Thursday

3D Systems saw revenue from health care rise 28% to $76.4 million, thanks to high demand for dental applications, both printers and materials, the company said.
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Cathie Wood’s Ark Investment Management dove into 3D printer company 3D Systems  (DDD) - Get 3D Systems Corporation Report Thursday after the stock’s drop this week, snatching 2,028,407 shares.

That kitty was worth $51.1 million as of Thursday’s close and went to the Ark Innovation ETF  (ARKK) - Get ARK Innovation ETF Report.

The purchase came on top of the 266,370 shares Ark bought Tuesday in its Ark Autonomous Robotics and Technology ETF  (ARKQ) - Get ARK Autonomous Technology & Robotics ETF Report and its Ark Space Exploration and Innovation ETF  (ARKX) - Get ARK Space Exploration & Innovation ETF Report.

The entire holding was recently worth about $59 million, with 3D trading at $25.71, up 2%. The stock has plunged 21% this week, after announcing a $400 million debt offering Tuesday and even after a stronger-than-expected earnings report Tuesday.

Still, 3D has soared 146% year to date, compared to a 24% gain for the S&P 500.

As for the third-quarter earnings, 3D swung to a profit of $2.34 a share from a loss of 61 cents in the year-earlier period.

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Adjusted profit registered 8 cents a share, compared with a loss of 3 cents in the year-earlier quarter. Revenue rose 15% to $156 million from $136.2 million.

Analysts surveyed by FactSet estimated earnings of 5 cents a share on revenue of $144.6 million.

3D Systems saw revenue from health care rise 28% to $76.4 million, thanks to high demand for dental applications, both printers and materials, the company said.

“We still see continued challenges with Covid-19, and new challenges around supply chains,” said CEO Jeffrey Graves. But 3D’s quarter showed double-digit growth compared with the 2020 and pre-pandemic 2019 periods, adjusted for divestitures, he said.

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