Valens Semiconductor (NYSE:VLN) Earns Buy Rating from Analysts at Needham & Company LLC

Needham & Company LLC began coverage on shares of Valens Semiconductor (NYSE:VLN) in a research report report published on Friday, Marketbeat.com reports. The firm issued a buy rating and a $4.00 price target on the stock.

Valens Semiconductor Stock Up 6.7 %

Shares of VLN stock opened at $2.13 on Friday. Valens Semiconductor has a fifty-two week low of $1.67 and a fifty-two week high of $3.50. The business has a fifty day simple moving average of $2.19 and a 200-day simple moving average of $2.23. The stock has a market cap of $226.93 million, a P/E ratio of -8.54 and a beta of 0.33.

Hedge Funds Weigh In On Valens Semiconductor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VLN. Value Base Ltd. acquired a new stake in shares of Valens Semiconductor in the fourth quarter valued at approximately $53,672,000. IGP Investments G.P.L.P LP acquired a new stake in Valens Semiconductor during the 4th quarter valued at $8,996,000. Millennium Management LLC increased its position in Valens Semiconductor by 389.8% during the fourth quarter. Millennium Management LLC now owns 614,577 shares of the company’s stock worth $1,598,000 after buying an additional 489,108 shares in the last quarter. Sphera Management Technology Funds Ltd acquired a new position in shares of Valens Semiconductor in the fourth quarter worth $1,030,000. Finally, Renaissance Technologies LLC lifted its position in shares of Valens Semiconductor by 41.4% in the fourth quarter. Renaissance Technologies LLC now owns 1,001,930 shares of the company’s stock valued at $2,605,000 after acquiring an additional 293,230 shares in the last quarter. Institutional investors and hedge funds own 33.90% of the company’s stock.

About Valens Semiconductor

Valens Semiconductor Ltd. engages in the provision of semiconductor products for the audio-video and automotive industries. The company offers HDBaseT technology, which enables the simultaneous delivery of ultra-high-definition digital video and audio, Ethernet, USB, control signals, and power through a single long-reach cable.