Why Luminar Technologies Stock Just Popped 12%
Shares of Luminar Technologies (NASDAQ: LAZR), which makes lidar technology for self-driving cars, are on a tear Wednesday afternoon, rising more than 12% through 1:20 p.m. EST. Curiously, though, the catalyst for this stock move appears to have happened nearly a week ago.
Last Thursday, investment bank R.F. Lafferty initiated coverage of Luminar stock with a buy rating and a $38 price target. Luminar's stock didn't move much on the news, however (actually, the share price dropped by nearly a dollar). Possibly this was because Lafferty isn't an analyst with huge name recognition -- but there also wasn't a whole lot of detail available on why Lafferty upgraded the stock to begin with.
That changed last night, though, when TipRanks.com dug into the analyst's report and confirmed that Lafferty is predicting Luminar lidar technology will begin appearing in cars manufactured by Volvo and Daimler as early as next year -- a development that could balloon the company's current annual revenue stream of just $17 million.
Source Fool.com
