Needham & Company LLC Cuts Velodyne Lidar (NASDAQ:VLDR) Price Target to $15.00

Velodyne Lidar (NASDAQ:VLDR) had its price objective reduced by analysts at Needham & Company LLC from $20.00 to $15.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 54.96% from the company’s current price.

Other research analysts have also issued reports about the company. Craig Hallum lowered Velodyne Lidar from a “buy” rating to a “hold” rating and set a $13.00 target price for the company. in a research report on Tuesday, March 30th. The Goldman Sachs Group assumed coverage on Velodyne Lidar in a research report on Monday, April 26th. They set a “neutral” rating and a $13.00 target price for the company. Bank of America began coverage on Velodyne Lidar in a research report on Monday, April 26th. They set an “underperform” rating for the company. Zacks Investment Research upgraded Velodyne Lidar from a “sell” rating to a “hold” rating in a report on Wednesday, April 28th. Finally, Berenberg Bank reiterated a “hold” rating and set a $16.00 price target on shares of Velodyne Lidar in a report on Thursday, March 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $22.22.

Shares of VLDR opened at $9.68 on Monday. Velodyne Lidar has a 52 week low of $8.97 and a 52 week high of $32.50. The stock has a fifty day moving average of $12.93 and a 200-day moving average of $17.19.

Velodyne Lidar (NASDAQ:VLDR) last announced its earnings results on Monday, May 10th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.02). The company had revenue of $17.70 million during the quarter, compared to analyst estimates of $14.90 million. The firm’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.19) earnings per share. As a group, analysts expect that Velodyne Lidar will post -1.49 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. TCI Wealth Advisors Inc. acquired a new stake in shares of Velodyne Lidar in the 4th quarter valued at about $26,000. AdvisorNet Financial Inc acquired a new stake in shares of Velodyne Lidar in the 4th quarter valued at about $34,000. Inspire Advisors LLC acquired a new stake in shares of Velodyne Lidar in the 4th quarter valued at about $34,000. JPMorgan Chase & Co. acquired a new stake in shares of Velodyne Lidar in the 4th quarter valued at about $35,000. Finally, Sowell Financial Services LLC acquired a new stake in shares of Velodyne Lidar in the 4th quarter valued at about $44,000. Institutional investors own 6.98% of the company’s stock.

About Velodyne Lidar

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.

Featured Article: How is the discount rate different from the Federal Funds rate?

Analyst Recommendations for Velodyne Lidar (NASDAQ:VLDR)

Receive News & Ratings for Velodyne Lidar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Velodyne Lidar and related companies with MarketBeat.com's FREE daily email newsletter.