Why AEye Stock Exploded Higher on Wednesday
Shares of AEye (NASDAQ: LIDR) surged sharply higher Wednesday, skyrocketing as much as 106.5%. As of 11:15 a.m. EDT, the stock was up 38.2%.
The catalyst that sent the maker of light detection and ranging (LiDAR) systems and advanced driver-assist systems exploding higher was bullish commentary issued by a Wall Street analyst who began covering the stock.
Roth Capital analyst Suji Desilva initiated coverage on AEye with a buy rating, while also issuing a price target of $15. His new estimate would represent potential gains for investors of more than 237% over the coming year, compared with the stock's closing price on Monday.
Source Fool.com
