The share price of VelodyneLidar, Inc. (NASDAQ: VLDR) rose by 20.63 % to $ 12.22 on June 8. The reason for this is the inclusion of VLDR shares in the Russell 2000 index. The company also reported positive news, although VLDR quotes have declined 55.6% since the start of the year.
The share price of VelodyneLidar, Inc. (NASDAQ: VLDR) closed at $10.13 in the previous trading session. The company’s share price fluctuated between $10.29 and $12.54 throughout the day. Bringing the volume of shares exchanging hands to 18.15 million, it exceeded its 50-day daily average of 3.9 million shares and its Year-to-Date average of 4.78 million shares. During the last year, the company’s stock has grown 18.02%, while it has advanced 27.60% in the previous week. The stock has lost -18.98% in the last six months, and it has dropped by -2.23% in the last three months. Stock performances so far this year have been -46.32%.
When stocks are included in some general index, their value temporarily increases. This is because index funds, which track specific stocks’ performance, pay attention to individual securities. The Russell 2000 Index includes two thousand small American companies. This index is broader than the comparable S&P SmallCap 600, and it is rebalanced annually.
AnandGopalan, CEO of Velodyne, commented on the event by stating that his company is the first to manufacture lidars for the public market and discussed the development of new products.
VelodyneLidar, Inc. (NASDAQ: VLDR) continues to be a market leader in providing laser radars for aircraft and ground applications. Several contracts are being awarded to the company. Among other things, Seabed BV, which produces marine research equipment, ordered Velodyne Puck lidars to use with its mobile mapping system this week. A Seabed representative said the company plans to sell this system for hydrographic research, such as scientific or oil and gas industry, and construction and operation of sea routes. When lidar and echo sounders work together, detailed 3D images are generated in a marine environment where video cameras and conventional radars cannot be used.