Stocks are looking to add to yesterday’s record-setting rally this morning, with all the major indices green.
Yesterday’s rally brought the S&P 500’s 2020 gains up to 15.6%, while the blue-chip Dow is up 6.5% this year. The Nasdaq Composite has surged more than 43% in 2020 as investors flocked into tech stocks. As we round the corner into the new year the question arises — which tech stories will be in focus in 2021?
With driverless technology being one of the hottest investment ideas in the auto market, the best way to tap the AV revolution would be to invest in the core technology that has made self-driving cars a reality. And that foundational technology is none other than LiDAR — which basically stands for light detection and ranging.
Since its market debut on Dec. 3, Luminar’s (LAZR) stock has gained 72%. Luminar’s proprietary software designed to unlock full lidar capabilities will enhance automakers’ ability to deliver high-speed highway autonomy in commercial series production scale.
The company has landed huge contracts with Daimler AG (DDAIF), Intel Corp’s (INTC) Mobileye unit, Volvo Group and others, which are likely to solidify its standing in the LIDAR market. Volvo’s vehicles will be equipped with Luminar’s Iris lidar sensors beginning 2022.
Luminar expects to generate revenues of 15 million in 2020, which is expected to jump to $837 million by 2025. The company has recorded year-over-year revenue growth (CAGR) of 7.8%.
Northland Capital Markets analyst Gus Richard upgraded Luminar Technologies from Market Perform to Outperform with a price target of $41. The analyst commented, “LAZR will be the entrenched supplier to Mobileye by 2025.”
The company has leveraged multiple technological breakthrough innovations to develop the industry’s best LiDAR sensors. InvestorPlace Senior Investment Analyst, Luke Lango, recently noted that LAZR stock might have nearly 500% upside potential over the next few years. Which means now is a good time to consider an investment in LAZR.
Where to invest $1,000 right now...
Before you consider buying Luminar, you'll want to see this.
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And it's not Luminar.
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Keith say’s he thinks investors will be able to turn a small $50 stake into $150,000.
Find that to be extraordinary?
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But you have to act now, because a catalyst coming in a few weeks is set to take this company mainstream... And by then, it could be too late.
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