Luminar Technologies (LAZR)

by | Nov 16, 2021 | Daily Trade Alerts

Keep an eye on Luminar Technologies (LAZR).

Just yesterday, the stock soared on heavier than normal volume of 14.9 million shares, as compared to daily average volume of about 4.4 million shares.

Driving the stock higher, its lidar solution was chosen by Nvidia to be a part of the sensors in the NVIDIA DRIVE Hyperion autonomous vehicles.

“NVIDIA has led the modern computer revolution, and the industry sees them as doing the same with autonomous driving,” said Austin Russell, Founder and CEO of Luminar, as quoted in a company press release. “The common thread between our two companies is that our technologies are becoming the de facto solution for major automakers to enable next-generation safety and autonomy. By taking advantage of our respective strengths, automakers have access to the most advanced autonomous vehicle development platform.”

Better, if the stock can break above resistance around $25, it could potentially see $30.

Earnings growth has been just as impressive.

In its most recent quarter, the company reported revenue of $8 million, an 89% jump year over year, and a 26% improvement over the prior quarter. GAAP net loss was $51.3 million, or $(0.15) per share compared to a GAAP net loss of $37.5 million, or $(0.29) per share for the third quarter of 2020, according to the earnings release.

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