Why Luminar Technologies Stock Just Gained 12%

News Highlights: Why Luminar Technologies Stock Just Gained 12%

What happened

Shares of Luminar Technologies (NASDAQ: LAZR), which makes lidar technology for self-driving cars, are in a crack Wednesday afternoon, rising more than 12% until 1:20 p.m. EST. Oddly, the catalyst for this stock move seems to have happened almost a week ago.

And then

Last Thursday, investment bank RF Lafferty started coverage of Luminar stock with a buy rating and a price target of $ 38. Luminar’s stock didn’t move much on the news, though (the stock price actually fell by nearly a dollar). This may have been because Lafferty is not an analyst with immense brand awareness – but not much information was available on why Lafferty had initially upgraded the stock.

However, that changed last night when TipRanks.com delved into the analyst’s report and confirmed …

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