The decline follows Luminar’s mixed Q3 2021 results, which saw its revenue fall slightly short of estimates, with EPS coming in line. This compares to the S&P 500 which has remained roughly flat over the same period. Luminar, a company that develops lidar sensors for use in self-driving cars, has seen its stock decline by roughly 14% over the last week (five trading days). For perspective, EV bellwether Tesla stock is down by about 17% year-to-date in 2022. Separately, electric vehicle stocks, in general, have underperformed the market in recent weeks, due to rising bond yields and this could also be hurting Luminar. ![]() It’s possible that investors are a bit concerned about these transactions given that the company hasn’t started meaningful commercial operations yet, with profitability and positive cash flows likely several years away. Firstly, Luminar issued about $550 million worth of convertible debt last month, while buying back around $250 million of its stock. There are likely a couple of factors driving the recent sell-off. The stock also remains down by about 17% over the last month. Luminar stock, a company that develops lidar sensors for use in self-driving cars, has declined by roughly 15% over the last week (five trading days), underperforming the S&P 500 which was down by about 4%. ![]() (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images BRAZIL - 4: In this photo illustration a Luminar logo seen displayed on a smartphone.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |