Why Luminar Stock Tanked Today
Shares of Luminar (NASDAQ: LAZR) tanked as much as 12% today after getting a lukewarm initiation from Wall Street. Baird kicked off coverage on Luminar with a neutral rating and $30 price target. The stock has recovered some of those losses and was down just 5% as of 12:55 p.m. EST.
Analyst Tristan Gerra believes that the lidar technology specialist faces execution risks ahead, which makes it a somewhat speculative play on the lidar market. Lidar sensors are a core component of many autonomous vehicle projects that are currently in development. A Reuters report earlier this week that Apple is moving forward with its electric vehicle project and planning to tap third-party lidar suppliers caused shares of lidar companies including Luminar and rival Velodyne to surge.
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Source Fool.com
