Luminar Technologies $LAZR Stock Top Pick For 2022

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LAZR stock was named a top pick for 2022 by Northland.

Luminar named a top pick for 2022 at Northland

On December 28, 2021, Northland analyst Gus Richard named Luminar (LAZR) a top pick for 2022, citing his view that the company is “leading the automotive lidar race” and contention that it will “likely be the only company in a production vehicle next year.” Luminar is working with the two “leading merchant chip companies,” as it is partnering with Intel’s (INTC) Mobileye and it is in Nvidia’s (NVDA) reference design, said Richard, who also thinks it is likely the company will announce a new production nomination at the upcoming CES meeting. Richard keeps an Outperform rating and $38 price target on Luminar shares.

Luminar boosts stock buyback plan to over $300M

On December 23, 2021, Luminar Technologies announced the successful execution of its previously announced transaction, with the intent to purchase shares and accelerate growth. The deal was oversubscribed based on positive institutional investor support and upsized to a total of $625M in gross proceeds. Luminar expects to use over $300M of the proceeds for LAZR share purchases, while the remaining capital will bolster Luminar’s balance sheet. Luminar intends to use the net proceeds to accelerate business growth including series production capacity expansion, new commercial wins, technology roadmap advancement, international expansion, and accelerating software development. Luminar remains on track to enter the series production phase by the end of 2022.

Luminar resumed with a Buy at Citi

On December 22, 2021, Citi analyst Itay Michaeli resumed coverage of Luminar with a Buy rating and $38 price target. The analyst believes the Consumer Electronics Show could emerge as a positive catalyst for the stock given the event’s “deeper focus” on the consumer autonomous vehicle opportunity as well as technology updates from the company.

Luminar CFO buys $240.8K in common stock

On December 14, 2021, in a regulatory filing, Luminar disclosed that its CFO Thomas Fennimore bought 16K shares of common stock on December 14th in a total transaction size of $240.8K, boosting his stake by about 4%.

Luminar buyback shows conviction in growth potential, says R.F. Lafferty

On December 14, 2021, R.F. Lafferty analyst Jaime Perez reiterates a Buy rating on Luminar Technologies with a $37 price target after the company authorized a $250M repurchase program. Management “is sending a signal to investors that it has high convictions in the company’s growth potential,” Perez tells investors in a research note. The analyst points out that Luminar company and its directors believe the stock price is undervalued and does not reflect its future growth potential.

Luminar Plan to Purchase a Total of $250 Million of LAZR Stock

On December 14, 2021, Luminar Technologies, Inc. (Nasdaq: LAZR), with the support of its CEO, board members, and management, announced its authorization and intent to purchase $250 million or more of its Class A common stock, which is anticipated to commence today after market open. The company plans to use a portion of the proceeds from a proposed private financing transaction for the share repurchase.

“Over the past year, our breakthrough technology and commercial success have begun to usher in a new era of safety and autonomy for the industry on production consumer vehicles and trucks,” said Austin Russell, Luminar Founder, and CEO. “Given our current position and our trajectory, we think our stock price has not reflected the wins and successes we’ve had over the past year since our public debut, with substantial inefficiency in the market. Today, we’re putting our money where our mouth is by executing this significant purchase of shares as we accelerate our industry leadership.”

In addition to the Company, certain Luminar board members and management, led by Founder and CEO Austin Russell, intend to purchase LAZR shares in the open market or as part of pre-arranged stock trading plans. The timing of purchases will be subject to compliance with federal securities laws and Luminar’s policies.

“Austin has built the winning team, technology, product, strategy, and commercial deals to make the next automotive revolution a reality,” said Alec Gores, Founder and CEO of The Gores Group. “We already had high conviction in Luminar and the potential to win when we took them public, and that has increased dramatically this past year.”

Luminar Technologies, Inc. (Nasdaq: LAZR) is transforming automotive safety and autonomy by delivering lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. Luminar has rapidly gained over 50 industry partners, including a majority of the top global automotive OEMs. In 2020, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, which now expects to make Luminar’s technology part of the standard safety package on their next-generation electric SUV. Additional customer wins include SAIC, Daimler Truck AG, Intel’s Mobileye, and Airbus UpNext.

📽 Luminar Technologies NASDAQ: LAZR


📽 Luminar CEO discusses new deal with Volvo to provide lidar technology, and outlook for growth


📈 Luminar Stock Technical Analysis

Lumn Stock

Both the short-term and long-term trends are neutral. LUMN is an average performer in the Diversified Telecommunication Services industry, it outperforms 62% of 45 stocks in the same industry. LUMN is currently trading in the middle of its 52-week range. The S&P500 Index however is currently trading near new highs, so LUMN is lagging the market.

There is a support zone ranging from 12.40 to 12.42. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. There is a resistance zone ranging from 12.64 to 12.81. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.

Although the technical rating is bad, LUMN does present a nice setup opportunity. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 12.64. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 12.42, a Stop Loss order could be placed below this zone.

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