![]() The successful bring-up of the automated factory is a major milestone and continues to show we can execute. “Industrialization is the fundamental challenge to enable and scale with our high volume series production wins. In a statement released by Luminar, CEO Austin Russell laid out what this new facility will mean, stating: Now the company is better positioned to continue expanding its market share. Elon Musk has publicly criticized lidar technology but as InvestorPlace has reported, there is ample evidence to suggest that Luminar has the technology to help other automakers overtake Tesla (NASDAQ: TSLA) in the driverless race. In the past year, it has announced deals with auto industry giants such as Volvo (OTCMKTS: VLVLY) and Mercedez-Benz (OTCMKTS: MBGYY ). Luminar has a global reach that spans the United States, Mexico and Thailand. That’s not to say that LAZR didn’t already have plenty to offer. And this recent factory update gives investors more reason to bet on it than ever. However, the latter is up almost 2% for the week after displaying some growth yesterday. Fellow lidar producers such as Innoviz Technologies (NASDAQ: INVZ) and Aeva Technologies (NYSE: AEVA) are both deeper into the red today than Luminar. Part of this is due to general negative market momentum. As of this writing, it is down just 0.17% for the day after making numerous attempts to rally. JP Morgan believes that the shares will jump to $20.While LAZR stock hasn’t pulled into the green today, it has tried hard to come close. Goldman Sachs and Citigroup lowered their target to $4 and $19, respectively, as we wrote here. Those at Jefferies recently lowered their target from $12 to $10. The other challenge is the lack of profitability in the industry in the near term.Īnalysts have a mixed outlook of the LAZR stock price. ![]() Fortunately, Luminar has a bigger market share than other companies. First, it is facing substantial competition from the likes of Velodyne Lidar, Aptiv, Aeye, and Cepton among others. It expects to end the year with $300 million in cash. The company also has strong financial results, with over $400 million in liquidity. ![]() It also hopes to have revenues of between $15 million and $17 million in the second quarter. It expects that its revenue will grow by 100% this year. Luminar also affirmed its forward guidance in its results. Its gross loss, however, jumped to $14.6 million. The most recent results showed that Luminar’s revenue jumped by more than 1112% in the quarter to $14.5 million. Luminar Technologies business is doing well as its revenue surges. Other leading companies that are using Luminar’s technologies are Volvo, SAIC, Nissan, and Daimler, which account for more than 50% of its total business. Luminar is also building its software, which provides core sensor software, perception software, and sentinel. It provides Iris, a platform it sells to automotive companies like Polestar and Mercedes Benz. ![]() The technology’s goal is to promote vehicle safety as most of them embrace autonomous technologies. Luminar Technologies is a company building light detection and ranging sensor, also known a lidar. It remains ~88% below its all-time high, giving it a market cap of over $2.1 billion. The shares plunged to a low of $5.51, ~47% below the highest level this year. Luminar ( NASDAQ: LAZR) stock price is hovering near the lowest level since January as concerns about the company’s profitability continues. ![]()
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