JPMorgan Chase & Co. Begins Coverage on Velodyne Lidar (NASDAQ:VLDR)

JPMorgan Chase & Co. began coverage on shares of Velodyne Lidar (NASDAQ:VLDRGet Rating) in a research report released on Tuesday, The Fly reports. The brokerage issued an underweight rating on the stock.

Separately, Craig Hallum lowered their target price on Velodyne Lidar to $1.00 in a research note on Monday, August 15th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $3.98.

Velodyne Lidar Price Performance

Shares of Velodyne Lidar stock opened at $1.00 on Tuesday. The business has a 50-day moving average of $1.22 and a 200-day moving average of $1.58. The company has a market capitalization of $219.72 million, a PE ratio of -1.06 and a beta of 1.16. Velodyne Lidar has a 1-year low of $0.83 and a 1-year high of $7.83.

Velodyne Lidar (NASDAQ:VLDRGet Rating) last announced its earnings results on Monday, August 8th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.18. The company had revenue of $11.50 million during the quarter, compared to the consensus estimate of $11.43 million. Velodyne Lidar had a negative return on equity of 65.56% and a negative net margin of 384.36%. The company’s revenue was down 15.4% on a year-over-year basis. During the same period last year, the firm earned ($0.46) earnings per share. On average, equities analysts expect that Velodyne Lidar will post -1.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider David S. Hall sold 2,260,160 shares of Velodyne Lidar stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $0.83, for a total value of $1,875,932.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Velodyne Lidar news, insider David S. Hall sold 2,260,160 shares of the firm’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $0.83, for a total value of $1,875,932.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider David S. Hall sold 462,806 shares of the firm’s stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $1.17, for a total transaction of $541,483.02. Following the completion of the transaction, the insider now directly owns 6,510,160 shares in the company, valued at approximately $7,616,887.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,706,841 shares of company stock worth $8,447,174. Corporate insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Velodyne Lidar

A number of large investors have recently bought and sold shares of VLDR. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Velodyne Lidar during the first quarter valued at approximately $9,148,000. Renaissance Technologies LLC bought a new stake in shares of Velodyne Lidar during the first quarter valued at approximately $5,037,000. State Street Corp raised its holdings in shares of Velodyne Lidar by 63.4% during the second quarter. State Street Corp now owns 4,968,071 shares of the company’s stock valued at $4,746,000 after buying an additional 1,926,805 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Velodyne Lidar by 588.0% during the first quarter. JPMorgan Chase & Co. now owns 1,583,843 shares of the company’s stock valued at $4,053,000 after buying an additional 1,353,640 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in shares of Velodyne Lidar by 1,427,111.6% during the second quarter. Federated Hermes Inc. now owns 984,776 shares of the company’s stock valued at $940,000 after buying an additional 984,707 shares during the last quarter. Institutional investors own 39.54% 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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