Insider Trading Report: Luminar Technology (LAZR)

Austin Russell, Chairman and President at Luminar Technology (LAZR), recently bought 25,000 shares. The buy increased his holdings by just over 3 percent, and came to a total price of $180,000.

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  • This is the 9th buy from the President since the company went public last year. The most recent buy was back in May for 300,000 shares, valued at nearly $2.6 million. Only one company director has been a seller of shares since the company went public.

    Overall, insiders at the company own 13.5 percent of shares.

    Shares of the lidar technology company are down 60 percent in the past year. As an early stage company, Luminar is far from profitable, and the space has ample competition.

    That said, the company did grow revenue 29 percent in the past year, and has ample cash to continue posting losses while they scale up production on their technology.

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  • Action to take: Interested investors may have a chance to buy shares a bit more cheaply in the coming months. Look for a price under $6, close to the stock’s 52-week low, as a potential buying point.

    For traders, there’s likely some short-term downside and plenty of long-term upside. The November $5 puts, last going for about $0.42, offer a chance to profit on a further drop in shares in the coming months.

    Look for mid-double-digit gains. Should shares retest their lows, start to look at call options to play a reversal higher.

     

    Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.

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