Velodyne Lidar (NASDAQ:VLDR) Upgraded to Hold at Zacks Investment Research

Velodyne Lidar (NASDAQ:VLDRGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Saturday, reports.

According to Zacks, “Velodyne Lidar Inc. is a lidar technology providing real-time 3D vision for autonomous systems. Velodyne Lidar Inc., formerly known as Graf Industrial Corp., is based in HOUSTON. “

Other research analysts have also recently issued research reports about the company. Craig Hallum cut Velodyne Lidar from a “hold” rating to a “sell” rating and lowered their price objective for the company from $3.50 to $2.50 in a research note on Tuesday, March 1st. Needham & Company LLC lowered their price target on Velodyne Lidar from $7.50 to $5.90 and set a “buy” rating for the company in a research report on Tuesday, March 1st. Finally, Citigroup cut their price objective on shares of Velodyne Lidar from $8.00 to $4.50 in a research report on Wednesday, January 19th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.98.

NASDAQ:VLDR opened at $2.08 on Friday. The firm’s 50-day moving average price is $2.89 and its 200-day moving average price is $4.46. The company has a market capitalization of $412.13 million, a PE ratio of -1.87 and a beta of 0.88. Velodyne Lidar has a 1-year low of $1.96 and a 1-year high of $16.11.

Velodyne Lidar (NASDAQ:VLDRGet Rating) last posted its quarterly earnings data on Monday, February 28th. The company reported ($0.19) EPS for the quarter, hitting the consensus estimate of ($0.19). Velodyne Lidar had a negative net margin of 345.08% and a negative return on equity of 63.01%. The business had revenue of $17.50 million for the quarter, compared to analyst estimates of $16.55 million. During the same quarter in the previous year, the firm posted ($0.64) earnings per share. Velodyne Lidar’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, analysts expect that Velodyne Lidar will post -0.9 EPS for the current fiscal year.

In related news, Director Virginia Boulet bought 50,000 shares of the business’s stock in a transaction on Wednesday, March 9th. The stock was acquired at an average price of $2.17 per share, with a total value of $108,500.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder David S. Hall sold 6,000,000 shares of the stock in a transaction on Thursday, March 3rd. The shares were sold at an average price of $3.07, for a total value of $18,420,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 95,000 shares of company stock worth $210,200 and have sold 25,771,575 shares worth $59,483,807. Corporate insiders own 13.30% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Invesco Ltd. purchased a new stake in Velodyne Lidar during the second quarter valued at approximately $293,000. Morgan Stanley increased its stake in shares of Velodyne Lidar by 4.5% in the 2nd quarter. Morgan Stanley now owns 417,075 shares of the company’s stock worth $4,438,000 after purchasing an additional 17,904 shares in the last quarter. Parametric Portfolio Associates LLC purchased a new stake in shares of Velodyne Lidar in the 2nd quarter worth $410,000. 180 Wealth Advisors LLC bought a new position in Velodyne Lidar in the 3rd quarter worth $182,000. Finally, Vontobel Holding Ltd. lifted its position in Velodyne Lidar by 47.9% during the third quarter. Vontobel Holding Ltd. now owns 188,204 shares of the company’s stock valued at $1,114,000 after purchasing an additional 60,953 shares in the last quarter. Institutional investors own 15.83% of the company’s stock.

About Velodyne Lidar (Get Rating)

Velodyne Lidar, Inc provides real-time 3D vision for autonomous systems worldwide. It offers surround-view lidar for autonomous vehicles, drones, security, mobile robots, and mapping applications; and solid state lidar for advanced driver assistance systems and autonomous applications. The company also provides Vella Development Kit that provides access to lidar-based perception software paired with sensors; Intelligent Infrastructure Solution for monitoring traffic networks and public spaces to generate real-time data analytics and predictions for enhancing traffic and crowd flow efficiency; and Vella software solution, a data curation software platform.

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