Insiders have been actively buying Luminar Technologies (LAZR).
In fact, CEO Austin Russell just bought another 25,000 shares yesterday at $9.8727, bringing his stake to 1.03 million shares.
What makes LAZR attractive is its exposure to lidar, an essential piece of the self-driving puzzle. It’s what allows automotive computers to take a 3D image of the area around them. The sensors can then measure the range or speed of objects, bounce lasers off the objects, and calculate its distance to another car. Essentially, it’s the eyes and ears of autonomous vehicles, and helps the car avoid hitting people, animals, and other cars.
According to Forbes, Luminar “is focused on building sensors that can be used in mass-market vehicles. The company’s sensors are expected to hit the sweet spot for automakers, costing under $1,000 per unit while offering very strong performance relative to their price.”
Helping, JP Morgan just initiated coverage of the LAZR stock with an overweight rating. The analysts also forecast “$6 billion of revenue for Luminar and industry-leading profitability of close to $7.25 per share in 2030. Luminar currently trades at $9.52, after falling 44% this year. Analysts have a December 2023 price target of $30 on the stock,” as noted by Barron’s.