Why Velodyne Lidar Stock Popped Today
Shares of several electric vehicle stocks surged yesterday on various items of news that ended up driving Tesla's market cap over $1 trillion for the first time. Today, some of that excitement has shifted to autonomous vehicle names, including Velodyne Lidar (NASDAQ: VLDR). The stock jumped almost 18% at session highs, and remained 10.2% higher as of noon EDT.
The main driver for names that specialize in lidar technology -- a laser scanning technology used for autonomous or assisted driving vehicles -- came from an analyst report suggesting the stock of Velodyne competitor AEye could almost quadruple. That sent AEye shares to more than double at its highs of the day, though that name has also pared some of those gains.
Passenger shuttle using Velodyne Lidar technology. Image source: Velodyne Lidar.
Source Fool.com
