Velodyne Lidar (NASDAQ:VLDR) Raised 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 research report issued to clients and investors on Wednesday, Zacks.com 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. “

Several other analysts have also weighed in on VLDR. Needham & Company LLC cut their price objective on Velodyne Lidar from $7.50 to $5.90 and set a “buy” rating for the company in a report on Tuesday, March 1st. Citigroup cut their price objective on Velodyne Lidar from $3.50 to $2.00 and set a “na” rating for the company in a report on Monday, May 16th. Finally, Craig Hallum lowered Velodyne Lidar from a “hold” rating to a “sell” rating and cut their price objective for the company from $3.50 to $2.50 in a report on Tuesday, March 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.57.

VLDR stock traded up $0.02 during trading on Wednesday, reaching $1.50. 42,124 shares of the company’s stock were exchanged, compared to its average volume of 5,791,058. The firm has a market cap of $311.94 million, a PE ratio of -1.33 and a beta of 1.02. The company’s fifty day moving average price is $2.08 and its 200-day moving average price is $3.65. Velodyne Lidar has a 1-year low of $1.42 and a 1-year high of $12.79.

Velodyne Lidar (NASDAQ:VLDRGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The firm had revenue of $6.20 million during the quarter, compared to analyst estimates of $10.10 million. Velodyne Lidar had a negative net margin of 440.65% and a negative return on equity of 73.29%. The company’s quarterly revenue was down 65.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.20) EPS. On average, analysts anticipate that Velodyne Lidar will post -1.08 earnings per share for the current year.

In related news, major shareholder David S. Hall sold 5,600,000 shares of the company’s stock in a transaction on Monday, March 7th. The stock was sold at an average price of $2.21, for a total transaction of $12,376,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder David S. Hall sold 6,000,000 shares of the company’s 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 135,000 shares of company stock valued at $275,400 and have sold 25,769,939 shares valued at $59,463,022. Corporate insiders own 13.30% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Velodyne Lidar by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 9,490,815 shares of the company’s stock worth $24,298,000 after acquiring an additional 639,116 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Velodyne Lidar by 0.4% during the 1st quarter. BlackRock Inc. now owns 5,872,701 shares of the company’s stock worth $15,034,000 after acquiring an additional 23,811 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Velodyne Lidar during the 1st quarter worth about $9,148,000. State Street Corp boosted its stake in shares of Velodyne Lidar by 8.2% during the 1st quarter. State Street Corp now owns 3,041,266 shares of the company’s stock worth $7,786,000 after acquiring an additional 229,672 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in shares of Velodyne Lidar by 1.0% during the 1st quarter. Allianz Asset Management GmbH now owns 2,329,200 shares of the company’s stock worth $5,963,000 after acquiring an additional 23,800 shares in the last quarter. 29.17% of the stock is currently owned by hedge funds and other institutional investors.

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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