Velo3D Inc. (NASDAQ:VELO) shares surged Wednesday after the metal additive manufacturing company reported first-quarter results that topped Wall Street expectations.
The stock surged over 50%, as high short interest—exceeding 25% of the float—likely acted as a catalyst, amplifying buying pressure and accelerating the rally.
Earnings And Revenue Beat Estimates
Velo3D reported a first-quarter loss of 20 cents per share, beating analysts’ estimates for a loss of 48 cents per share.
Revenue rose 48% year over year to $13.82 million, ahead of the Street estimate of $9.85 million. Sequentially, revenue increased 46%, driven by higher average selling prices, increased system shipments and growing contributions from the company’s Rapid Production Solution segment.
The …