![]() ![]() ![]() ![]() The average price target for LAZR is currently US$23.56 per share, up over 127% from the current share price of US$10.36. Wall Street also seems to have bullish price targets for Luminar, ranging from the most bearish price target of US$10 per share to the most bullish of US$38 per share. Compared to March of last year, institutional ownership has nearly quadrupled. Investors include Vanguard, BlackRock, Allianz, Citadel, Peter Thiel, and others. They currently own about 33% of all outstanding shares. The institutional landscape seems to have a lot of confidence in him, as evidenced by institutional share ownership and recent insider purchases, which I consider to be a very bullish signal.Īs mentioned, institutions also play a major role. While it is good to give full control to a young, growth-oriented individual, it can be a challenging move given that he is 27 years old and that this is technically his first venture that he has started. Institutional Backing and InsidersĪnother important point is that the current founder and CEO, Austin Russell, is also chairman of the board of directors, and thus carries a lot of power and responsibility. Their full solution, consisting of hardware and software, called "Sentinel," will also be slated for beta release by the end of 2022. Their first Lidar, called "Iris," and associated software are on track for series production by the end of 2022. The company's revenue mix will likely include a combination of hardware, as well as software for autonomous vehicles. At the time of the report, Freedom Photonics would receive up to 3 million shares in Luminar, according to SEC statements. Luminar had been working with the company for several years, and now plans to vertically integrate the acquisition. Roughly two months ago, they acquired Freedom Photonics, a manufacturer of high-power lasers. A good chunk of the balance sheet is covered by long-term debt totaling US$609.8M. However, they do have a strong cash position of nearly US$707M. Despite the revenue growth, Luminar still remains a cash-burning startup, reporting an operating loss of over US$214M for the full year 2021. In 2021, they managed to bring in US$31.9M in revenue, and now are forecasting revenue of US$40M+ in fiscal year 2022. In August 2020, they went public through a SPAC, at a valuation of about US$3.4BN. The first 5 years were spent in stealth mode, after which they received US$36M in series A funding in 2017. The company was originally founded in 2012 in California by current CEO and founder Austin Russell, who was 17 years old at the time. Since its launch, the company has secured numerous key partnerships with companies such as MobilEye ( INTC), Nissan ( OTCPK:NSANY), Mercedes-Benz ( DDAIF), Volvo ( OTCPK:VLVLY), and others. Luminar is a company focused on the development and production of vision-based LIDAR, and machine perception technologies primarily for self-driving vehicles. And perhaps there may be other companies that give you more bang for your buck. However, buying into this growth story, which is supported by many institutional investors, still comes with a hefty price tag in terms of fundamentals. The business model is to revolutionize the autonomous vehicle industry by implementing its technology in cars, trucks, and others. ( NASDAQ: LAZR) is one of the leaders in LIDAR technology in the equity markets by market cap and funding. ![]()
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