Velodyne will also supply its 360-degree Puck lidar sensors for autonomous security robot company Knightscope’s future fifth-generation robots, expanding on its multi-year relationship with the company. Velodyne’s Ultra Puck lidar sensor will be used in the new AGM-MS3 Unmanned Aerial Vehicles. Earlier this month, Velodyne signed a multi-year agreement with AGM Systems, a Russian company that develops and integrates laser equipment for mobile and air applications. However, there have been some positive developments relating to the stock in recent weeks. Velodyne stock has declined by over 40% year-to-date, due to mixed fourth-quarter results and also due to some corporate governance-related issues. Velodyne Lidar (NASDAQ: VLDR) is a company that produces lidar sensors that are primarily used in self-driving and autonomous vehicles. Considering the recent sell-off and the long-term growth prospects in the lidar space, we think that Velodyne stock is worth considering for investors looking to play the self-driving market. While the company shipped about 2,700 Lidar units in Q1 (mostly pricier sensors for R&D projects and prototypes), it is looking to ship as many as 9 million lidar units by 2025, driven by its move into the mass market and via its expanding partnerships. Velodyne said that it had a total of 29 total active multi-year agreements (which are seen as being relatively more firm). The growth prospects also look solid, with the company working on 198 potential projects across over 25 industries. Revenues stood at $18 million in Q1, ahead of rival Luminar which posted sales of about $5 million. Unlike most lidar companies, which are in the development or test phase, Velodyne already generates revenues from commercial deployments. Most automotive OEMs (apart from Tesla) are opting for the technology for their autonomous driving roadmaps and Velodyne happens to be one of the biggest players in the nascent market. Lidar technology is seen as a cornerstone of self-driving systems, which are one of the hottest areas in the automotive market. So what’s the longer-term outlook like for the company? Although the impact of the complaint relating to trade secrets and the governance-related issues are hard to gauge at this juncture, the prospects for Velodyne’s business and the broader lidar industry look good. See our dashboard analysis on Velodyne Stock Chances Of A Risefor 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 strong chance of a rise over the next month. Separately, Velodyne has also faced selling pressure in recent months, driven by its weaker than expected revenue guidance for FY’21 and also seeing some corporate governance-related issues. 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).
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