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Velodyne Lidar stock jumps after deal to sell sensors to Stanley Robotics for automated valet parking

Shares of Velodyne Lidar Inc. jumped 5.2% in premarket, putting it on track to open above the $1 mark, after the autonomous technology company announced an agreement to provide sensors to Stanley Robotics for an automated valet parking product. Financial terms of the multiyear agreement were not disclosed. "High-performance sensors are key to enabling our autonomous mobile robots to reliably navigate and maneuver in narrow parking lanes," said Stanley Robotics Chief Operating Officer Mathieu Lips. Velodyne's stock, which last closed at or above $1.00 on Sept. 22, has plunged 79.3% year to date through Monday, while the S&P 500 has shed 23.3%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

09-27-22 0657ET

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