So, how does Wall Street feel about Luminar’s prospects? LAZR stock has an average price target of $18.69 among 13 firms with coverage of the company.
Russell owned zero shares of the company up until he first bought 65,000 shares on Jan. In total, the transaction amounted to $2.59 million.Īfter the purchase, Russell now owns a total of 755,000 shares. On that day, the CEO bought 300,000 shares at an average price of $8.65 per share. Russell has purchased shares on nine separate occasions this year, the most recent purchase occurring on May 11. Despite the steep decline, however, CEO Austin Russell remains confident in Luminar, as evidenced by his insider purchases. LAZR stock has declined by over 60% year-to-date (YTD). LAZR Stock Falls Lower After Joining the Russell 2000 Index However, the Nasdaq Composite did close lower by about 3%, putting pressure on many technology companies. There doesn’t seem to be any company-specific news to explain LAZR stock’s decline today. In addition, the Russell 2000 is often referred to as a benchmark for small-cap companies. Companies in both indices receive increased exposure and liquidity. The Russell 2000 tracks the 2,000 smallest companies based on market capitalization in the Russell 3000 Index. Many see this technology as key to advancing autonomous driving (AD). Its advanced lidar uses pulsed laser lights to measure variable distances and generate a 3D image of surroundings in range. In total, the company serves more than 50 commercial partners and eight out of ten of the world’s top automakers.
Luminar boasts several established automakers like Nissan (OTCMKTS: NSANY), Mercedes Benz (OTCMKTS: DLMRY) and Volvo (OTCMKTS: VLVLY) as customers. As a result, the index and any of its derivatives - like the iShares Russell 2000 (NYSEARCA: IWM) exchange-traded fund (ETF) - are expected to purchase roughly 30 million shares. Yesterday, the light detection and ranging (lidar) company officially joined the Russell 2000 Index. Shares of Luminar (NASDAQ: LAZR) stock closed lower by more than 6% today.
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