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

Zacks Investment Research upgraded shares of Velodyne Lidar (NASDAQ:VLDRGet Rating) from a sell rating to a hold rating in a report released on Wednesday morning, 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. “

A number of other equities research analysts have also issued reports on the stock. Citigroup decreased their target price on shares of Velodyne Lidar from $3.50 to $2.00 and set a na rating for the company in a research note on Monday, May 16th. Needham & Company LLC decreased their target price on shares of Velodyne Lidar from $7.50 to $5.90 and set a buy rating for the company in a research note on Tuesday, March 1st. Finally, Craig Hallum lowered shares of Velodyne Lidar from a hold rating to a sell rating and decreased their target price for the company from $3.50 to $2.50 in a research note on Tuesday, March 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $6.57.

Velodyne Lidar stock opened at $1.64 on Wednesday. The company has a 50 day moving average price of $2.03 and a 200 day moving average price of $3.54. Velodyne Lidar has a 52 week low of $1.42 and a 52 week high of $12.79. The firm has a market capitalization of $341.05 million, a price-to-earnings ratio of -1.44 and a beta of 1.02.

Velodyne Lidar (NASDAQ:VLDRGet Rating) last issued its earnings results on Thursday, May 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The company had revenue of $6.20 million for 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% on a year-over-year basis. During the same period last year, the business earned ($0.20) EPS. Equities analysts expect that Velodyne Lidar will post -1.08 earnings per share for the current year.

In other news, Director Christopher Albert Thomas bought 20,000 shares of the company’s stock in a transaction that occurred on Monday, March 14th. The shares were purchased at an average price of $2.09 per share, for a total transaction of $41,800.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder David S. Hall sold 7,619,956 shares of Velodyne Lidar stock in a transaction on Friday, March 11th. The stock was sold at an average price of $2.00, for a total transaction of $15,239,912.00. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 135,000 shares of company stock valued at $275,400 and sold 25,769,939 shares valued at $59,463,022. 13.30% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Delphia USA Inc. bought a new position in Velodyne Lidar in the 1st quarter worth $29,000. Ensign Peak Advisors Inc bought a new position in Velodyne Lidar in the 4th quarter worth $32,000. QCM Cayman Ltd. bought a new position in Velodyne Lidar in the 1st quarter worth $36,000. Itau Unibanco Holding S.A. raised its holdings in Velodyne Lidar by 67.3% in the 4th quarter. Itau Unibanco Holding S.A. now owns 9,113 shares of the company’s stock worth $44,000 after acquiring an additional 3,667 shares during the period. Finally, Private Advisor Group LLC bought a new position in shares of Velodyne Lidar during the 4th quarter worth about $46,000. Hedge funds and other institutional investors own 29.17% 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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