Luminar technology stock12/28/2022 ![]() ![]() The company started the year with a $2.1 billion forward-order book covering orders through 2026 and the upgraded growth target predicts the company ending the year with a $3.4 billion amount.Įarlier this year, Innoviz Tech. After all, the stock had already fallen back below $10.įor its part, Luminar had already guided to the forward-order book growing at a 60% clip this year, up from a forecasted 40% growth rate. The firm had previously had a $13 price target on Luminar, so the shift to a Market Perform position and a cut to the price target by 23% was a rare drastic shift by an analyst. The analyst questioned whether Lidar adoption was taking longer than expected and more importantly hinted at auto OEMs selecting less expensive alternatives. Northland Securities downgraded the stock and reduced the price target to $10. ![]() Source: FinViz Luminar Stock Gets Big Downgrade My investment thesis is far more bullish on the stock after the selloff due to the irrational panic with the stock below $8. Luminar was the original Lidar SPAC and considered the leader in the space when the Gores Metropoulos SPAC took the company public. Luminar Technologies ( NASDAQ: LAZR) collapsed on a downgrade by an analyst questioning the design wins of the Lidar sensor company. ![]()
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