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Iris from Luminar is fitted onto a passenger vehicle’s roofline.
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Luminar Technologies is a company that specializes in the development of
Although the price has dropped dramatically this year, director Matthew Simoncini recently purchased a substantial block of shares in the creator of self-driving car technology. The stock of Luminar (ticker: LAZR) has dropped roughly 40% this year, compared to a 16 percent growth in the S&P 500 index. After merging with a special-purpose acquisition business in December, Luminar stock went public. Lidar sensors, which employ lasers to measure the surroundings of driverless vehicles, are manufactured by the firm. Luminar’s Mexico plant began generating samples of its sensors earlier this year, and the facility expects to be able to produce them on a commercial scale by the end of 2022. Wall Street appears to be optimistic about technology.
Simoncini paid $500,000 for 22,727 Luminar shares on July 2, for an average price of $22 per share. Simoncini now holds the equivalent of 31,833 Luminar shares, including restricted stock units obtained during his position as a director, according to a document he filed with the Securities and Exchange Commission.
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According to Luminar, Simoncini, a former CEO of an automotive-technology company,
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(LEA) could not be reached for comment. Luminar’s stock acquisition demonstrates his “continuing support for the company,” according to him. Simoncini became a member of the Luminar board of directors in December. Tristan Gerra, a Baird analyst, upgraded Luminar stock to Outperform from Neutral on June 25 and raised the target price to $30 from $22. “Luminar is well positioned to upward-revise its order book,” Gerra wrote, and the stock is “poised to outperform peers this year.” Inside Scoop is a frequent Barron’s feature that follows stock transactions by corporate executives and board members, as well as significant shareholders, politicians, and other notable persons. These investors are required to report stock trades to the Securities and Exchange Commission or other regulatory bodies due to their insider status. Ed Lin can be reached at edward.lin@barrons.com, and he can be followed on Twitter at @BarronsEdLin./n
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