Yes, it's a bug in the control itself.
It seems to work if the point is (0, 0).
There is only 1 workaround I could suggest, once you are done designing or just before you run the app, cut that line out of the designer file and paste it into the MainForm Load event, similar to this:
Private Sub MainForm_Load(sender As Object, e As EventArgs) Handles MyBase.Load
Me.HydraulicCylinderAnalog1.Location = New System.Drawing.Point(35, 75)
End Sub
The designer might be putting that line back whenever you make changes to the form so remember to cut it out again.
All this until Archie manages to fix that bug and post an update.