Investors may want to keep an eye on Luminar Technologies (LAZR).
For one, after finding strong double bottom support around $6.50, the stock is starting to pivot higher. Two, we just spotted a volume spike of 25,433 LAZR November 4, 2022 8 calls options at the moment, as compared to open interest of 163.
All as the company heads into releasing its quarterly business update and report financials for the third quarter of 2022 following the close of the market on Wednesday, Nov. 2, 2022. Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast that day at 2:00 p.m. PDT (5:00 p.m. EDT) to discuss business and financial results.
Helping, analysts at JP Morgan are bullish on the stock.
About a month ago, the firm said LAZR could be the largest pure-play supplier of radar for self-driving cars. According to Barron’s, “analyst Samik Chatterjee and his team rated Luminar at Overweight, equivalent to a Buy rating, giving Velodyne shares a rating of Underweight, or Sell. Both companies sell Lidar, or light detection and ranging technology, which automakers use to give cars, essentially, the eyes they need for autonomous driving features. Lidar is particularly good at tracking objects a long distance away.”
Even better, CEO Austin Russell bought 75,000 shares of the LAZR stock just last month. He’s been a consistent buyer of the stock since January 2022, as you can see here.
Shares of LAZR are up to $7.38 at the moment.