Why Velodyne Lidar Is Surging Today

Velodyne Lidar Inc VLDR is trading significantly higher Tuesday after it was announced that the company would be added to the Russell 2000 Index. 

The inclusion is set to take place at the conclusion of the Russell Indexes annual reconstitution, effective at the opening of the U.S. equity markets on June 28.

“As the first public pure-play lidar company, our inclusion in the Russell 2000 Index provides another clear demonstration of our global leadership position. We are incredibly proud of what we are achieving as a business, building game-changing products that our customers use to disrupt markets and touch everyday lives in meaningful ways," said Anand Gopalan, CEO of Velodyne Lidar.

Velodyne Lidar provides smart, powerful lidar solutions for autonomous vehicles, driver assistance, delivery solutions, robotics, navigation, mapping, and more.

Price Action: Velodyne Lidar has traded as high as $30.80 and as low as $8.96 since it was listed on the Nasdaq in September 2020.

At last check Tuesday, the stock was up 18.60% at $12.01.

Photo courtesy of Velodyne Lidar.