5 Investors Still Betting Big on Luminar (LAZR) Stock


Source: JHVEPhoto/shutterstock.com

Company shares Luminar Technologies (NASDAQ:Lazarus) shares are down more than 50% year-to-date (YTD), though that hasn’t stopped CEO Austin Russell from buying shares. This month, Russell picked up a total 75,000 shares in three separate transactions, with his most recent purchase falling on September 20. All three transactions were made through a pre-filed 10b5-1 plan that was set up on June 21. Additionally, the 10b5-1 plan suggests that more acquisitions may be on the way.

On September 20, JPMorgan started coverage LAZR shares with an “Overweight” rating and a $30 price target. Analyst Samik Chatterjee believes that Luminar is an industry leader in autonomous driving technology with a strong order book. By the end of the decade, Chatterjee expects Luminar to have the “highest revenue” among its peers, although it currently lags behind the order book Innoviz Technologies (NASDAQ:INVZ).

Additionally, Luminar’s focus on Level 3 (L3) and higher autonomous driving may influence original equipment manufacturers (OEMs) to add LiDAR technology to their L2 platforms as they prepare for L3. The analyst’s price target of $30 is based on earnings per share in 2030 (EPS) “close to” $7.25 and revenue of $6 billion.

Chatterjee concluded, “At the end of the decade, Luminar will likely be the largest and highest-margin pure LiDAR supplier, and the only supplier that we expect will not need additional capital to navigate the on-ramp.”

LAZR shares carry average target price $15.17 among the 12 analysts covering the stock. JPMorgan has $30 highest price target and $8 lowest price target.

With that in mind, let’s take a look at the company’s largest shareholders.

5 investors who are still betting big on LAZR stock

Tracking institutional ownership important as these large investors provide liquidity and price support to stocks. In the second quarter, 230 funds reported holding LAZR, an increase of nine funds from the previous quarter. On the other hand, the institutional put-to-call ratio is at a high 2.02 compared to 0.91 in the first quarter. This means that institutions have substantially more put options against Luminar than call options. In total, 13F filers hold 121.40 million shares, up from 97.74 shares in the same quarter. So who are Luminar’s largest shareholders?

  1. Austin Russell: 97.24 million shares. Russell’s position has been accurate since May 2.
  2. The Vanguard Group: 18.80 million shares. Vanguard sold 409,365 shares during the second quarter.
  3. BlackRock (NYSE:BLK): 16.36 million shares. BlackRock bought 11.73 million shares during the second quarter.
  4. G2 Venture Partners: 10.59 million shares. G2’s position remained unchanged in the second quarter.
  5. The Macquarie Group: 5.81 million shares. Macquarie bought 6,033 shares during the second quarter.

As of the date of publication, Eddie Pan did not hold (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are the subject of InvestorPlace.com Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider trading. He writes for InvestorPlace’s Today’s Market team, which focuses on the latest news involving popular stocks.


Leave a Comment

error: Content is protected !!