Velodyne Lidar Inc – (VLDR US, -1, June 2nd) – Joseph Culkin (Chairman since Feb. 2021) sold 1.4 million shares on May 27th at $10.08, reducing his holdings to 10.5 million shares. This is his first sale in the stock. Joseph Jellen (Chief Strategy Officer) sold 280,000 shares on May 25th at $10.37, reducing his holdings to 1.4 million shares. This is also Jellen’s first sale. We ranked this stock -N on May 18th based on an aggressive sale from Anand Gopalan (CEO and Director, joined 2016). The stock is down from $26 at the end of 2020, near a 52-week low, and these sales are concerning. There have been several management changes and board members leaving but we believe the sellers we have highlighted are not part of those changes. We are downgrading the stock further, from -N to -1.