While Velodyne has said that it was in the early stages of assessing Criterion’s complaint, it believes that the claims have no merit, noting that it would defend itself vigorously. The recent decline comes as the company was accused of stealing trade secrets relating to optical enclosures by Criterion Technology. The stock also remains down by over 50% year-to-date. Velodyne Lidar (NASDAQ: VLDR), a company that produces lidar sensors used in autonomous vehicles, has seen its stock decline by about 15% over the last week (five trading days).
Now considering the big sell-off and the long-term growth prospects in the lidar and self-driving vehicle market, we think this could be a decent entry point for Velodyne stock. Velodyne is also looking to transition its manufacturing offshore, in a move that could improve margins and cut overhead costs. Although a bulk of the company’s business presently comes from pricier sensors for R&D projects and prototypes, it is looking to double down on the mass market, targeting total shipments of as much as 9 million by 2025. Velodyne had a total of 34 multi-year agreements as of early August 2021, up from around 26 agreements at the end of 2020.
Moreover, the company has also been signing on more customers with multi-year agreements, which should help to improve revenue visibility for the company. The company shipped a total of 3,800 sensor units during Q2 2021, up from around 2,600 units in Q1. Velodyne is a pioneer in the Lidar space and the company’s underlying business has actually been gaining some traction lately. However, there’s probably still a good reason for long-term investors to consider the stock. See our dashboard analysis on Velodyne Lidar Chance Of Rise for more details.
So is Velodyne Lidar stock likely to decline further in the coming weeks or is a rally looking more likely? According to the Trefis Machine Learning engine, which analyzes Velodyne’s historical stock price data, the stock has a roughly equal chance of a rise or a decline over the next month. The stock has also been impacted by the company’s weaker than expected Q2 2021 results and also by the broader sell-off in futuristic stocks following the Covid-19 reopening. The stock has also lost a whopping 70% of its value year-to-date, as the company faced governance-related issues amid a tussle between its founder, who was ousted earlier this year, and the SPAC that acquired the company. Velodyne Lidar (NASDAQ: VLDR), a company that produces lidar sensors used in autonomous vehicles, has seen its stock decline by about 6% over the last week (five trading days), underperforming the S&P 500 which has remained roughly flat over the same period. AFP PHOTO / ROBYN BECK / AFP / ROBYN BECK (Photo credit should read ROBYN BECK/AFP via Getty Images) AFP via Getty Images The new Velodyne models will be fitted into the side view mirrors of Ford's Fusion Hybrid self-driving cars. Veoldyne Lidar devices help autonomous cars scan the road ahead and plot a safe course. Januin Las Vegas, Nevada ahead of the CES 2016 Consumer Electronics Show. Ford CEO Mark Fields shows off the new Velodyne Puck sensor at a press conference on CES Press Day.
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