Why Velodyne Lidar Stock Just Soared 10%

Shares of Velodyne Lidar (NASDAQ: VLDR), a specialist in the manufacture of light detection and ranging (lidar) sensors for drones and self-driving cars -- and a late-2020 SPAC IPO -- exploded higher in early trading on the Nasdaq today.

As of 10:10 a.m. EST, Velodyne Lidar stock is up 10.6%, responding to Velodyne's announcement this morning that it has signed a "multi-year sales agreement" with an Australian company called Emesent, which Velodyne describes as "a world-leader in drone autonomy, lidar mapping and data analytics."  

Image source: Getty Images.

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Source Fool.com