Lidar (light detection and ranging) tech specialist Luminar(NASDAQ:LAZR) has certainly made its presence felt in the markets in 2020. As you may recall, LAZR stock more than doubled in a week after its Dec. 3 debut on the Nasdaq Exchange.
Clearly, LAZR stock has been a big hit among traders. Its also favored among some analysts. For example, Northland analystGus Richard upgraded LAZR from market perform (which is similar to hold) to outperform. Similarly, Deutsche Bank analyst Emmanuel Rosner initiated his coverage of LAZR with a buy rating. Thus, the ambitious lidar leader isnt flying under the radar anymore.
For folks who havent entered into the trade yet, they might be wondering what all of the fuss is about. Thats perfectly understandable, so lets put a laser-like focus on Luminar and see if we can get a reading on this fascinating up-and-comer.
First, lets not get the impression that the ride has and will always been smooth for shareholders of Luminar. Even if its on the way to higher prices, prospective investors must be ready to accept some volatility along the way.
In mid-November, the stock was chugging along at $10 and change. However, starting on Nov. 20, the stock started moving up quickly. One could say that during the next couple of weeks, LAZR took the elevator instead of the stairs.
By Dec. 8, LAZR reached a breathtaking 52-week high of $47.80. In hindsight, we now know that the move was too steep and too fast. A major retracement ensued, with LAZR landing at $22.87 on Dec. 15.
Yet, this wouldnt be the end of the journey by any means. More recently, Dec. 21 was a blockbuster day for the LAZR stock bulls as the share price gained over 27% and settled at $35.15. Furthermore, the stock maintained the $34 to $35 level over the next couple of trading days. As of Dec. 28, the stock changes hands at around $31.
Now, lets hone in on lidar, a technology that is the crux of LAZR stocks momentum.
Rather than attempt to provide a fancy scientific definition, Ill simply yield to InvestorPlace contributor Luke Langos concise explanation. As Lango puts it, lidar gives cars the ability to see and respond to their surroundings by shooting out laser beams and carefully measuring their return paths.
Now, some businesses have hesitated to adopt this technology because they expect it to be prohibitively expensive. Conversely, though, Luminar differentiates itself with high-performance lidar thats available at sub-$1,000 price points.
Moreover, NorthlandsGus Richard expects 2025 global sales of lidar devices to auto companies to reach an astounding $2.5 billion. So, even if Luminar simply maintains its current market share over the coming years, the revenue generation potential here is tremendous.
If youre looking for the number-one competitor in the lidar space, Luminar is as strong a candidate as any. After all, the company has already secured more than 50 industry partners. These include seven of the top 10 global automotive OEMs or original equipment manufacturers.
The aforementioned Deutsche Banks analyst, Emmanuel Rosner, also evidently views LAZR stock as a solid point of entry for investors. Rosner explains,Luminar offers investors an attractive way to invest into higher-level vehicle autonomy whose adoption is poised to take off.
And again, affordability sets Luminars high-powered lidar lineup apart from the competition. Rosner continues, Its differentiated LiDAR technology, featuring proprietary architecture and components, is essentially the only one delivering the performance needed for highway-speed autonomy at the right cost.
Already, analysts and traders are discovering Luminar as a premier and cost-efficient provider of lidar technology. But the excitement surrounding this stock is not just hype theres significant room for future gains.
As noted by plenty of analysts, data indicates that there is fast market growth in store for lidar tech. Therefore to get involved while the markets still young investors should consider accumulating shares of promising LAZR stock.
On the date of publication, neither LouisNavellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the Master Key to profiting from the biggest tech revolution of this (or any) generation.
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