Velodyne Lidar (NASDAQ:VLDR) Shares Down 5.9% on Insider Selling

Velodyne Lidar, Inc. (NASDAQ:VLDR) dropped 5.9% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $8.08 and last traded at $8.16. Approximately 18,206 shares traded hands during trading, a decline of 99% from the average daily volume of 3,232,902 shares. The stock had previously closed at $8.67.

Specifically, CFO Andrew Hamer sold 2,375 shares of the stock in a transaction on Thursday, June 10th. The stock was sold at an average price of $11.38, for a total transaction of $27,027.50. Following the sale, the chief financial officer now directly owns 86,383 shares in the company, valued at approximately $983,038.54. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Sally Frykman sold 2,926 shares of the stock in a transaction on Tuesday, June 1st. The shares were sold at an average price of $10.00, for a total value of $29,260.00. Following the sale, the chief marketing officer now owns 32,910 shares in the company, valued at $329,100. The disclosure for this sale can be found here. Insiders sold a total of 5,549,870 shares of company stock worth $56,152,459 in the last 90 days. 13.30% of the stock is currently owned by company insiders.

Several brokerages have commented on VLDR. Craig Hallum downgraded Velodyne Lidar from a “buy” rating to a “hold” rating and set a $13.00 target price on the stock. in a research note on Tuesday, March 30th. Bank of America began coverage on Velodyne Lidar in a report on Tuesday, April 20th. They set an “underperform” rating on the stock. Robert W. Baird cut Velodyne Lidar from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $18.00 to $10.00 in a report on Tuesday. The Goldman Sachs Group began coverage on Velodyne Lidar in a report on Sunday, April 18th. They set a “neutral” rating and a $13.00 price target on the stock. Finally, Zacks Investment Research cut Velodyne Lidar from a “buy” rating to a “hold” rating in a report on Saturday, July 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $19.40.

The stock has a fifty day simple moving average of $10.27. The company has a market capitalization of $1.62 billion, a P/E ratio of -9.20 and a beta of 0.94.

Velodyne Lidar (NASDAQ:VLDR) last posted its quarterly earnings results on Monday, May 10th. The company reported ($0.14) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.02). The business had revenue of $17.70 million during the quarter, compared to analyst estimates of $14.90 million. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.19) earnings per share. On average, equities analysts expect that Velodyne Lidar, Inc. will post -1.24 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of VLDR. JPMorgan Chase & Co. bought a new stake in Velodyne Lidar during the fourth quarter valued at about $35,000. Exchange Traded Concepts LLC grew its position in shares of Velodyne Lidar by 633.9% during the first quarter. Exchange Traded Concepts LLC now owns 3,728 shares of the company’s stock valued at $42,000 after purchasing an additional 3,220 shares in the last quarter. Quantbot Technologies LP grew its position in shares of Velodyne Lidar by 82.3% during the first quarter. Quantbot Technologies LP now owns 4,026 shares of the company’s stock valued at $45,000 after purchasing an additional 1,818 shares in the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new position in shares of Velodyne Lidar during the fourth quarter valued at about $96,000. Finally, Quilter Plc purchased a new position in shares of Velodyne Lidar during the first quarter valued at about $116,000. 12.23% of the stock is currently owned by institutional investors and hedge funds.

Velodyne Lidar Company Profile (NASDAQ:VLDR)

Velodyne Lidar, Inc provides real-time three-dimensional vision for autonomous systems worldwide. It offers a broad lineup of surround-view lidar to support numerous end applications, including autonomous vehicles, drones, security, and mapping; and solid state lidar technology that combine the high reliability and long lifetime of traditional micro electro-mechanical systems solutions.

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