Luminar (LAZR) Surges 27% after Its Lidar Tech Outperforms Tesla's Autopilot
Luminar Technologies (LAZR) shares surged 27% after a YouTube video by former NASA scientist Mark Rober demonstrated its lidar technology outperforming Tesla's Autopilot. The video, which has over 11 million views, showcased six tests comparing the two technologies. Despite the rise, LAZR remains down 80% from its peak last July, while Tesla (TSLA) shares fell 4.8% and are down over 50% from their December peak. Analysts suggest TSLA has more growth potential compared to LAZR.
A YouTube video by former NASA scientist Mark Rober was all it took to send Luminar Technologies’ (LAZR) shares soaring. In the video, which now has over 11 million views, Rober test-drove a car equipped with the autonomous vehicle company’s lidar technology and compared its performance to EV maker Tesla’s (TSLA) Autopilot feature. Rober’s conclusion was that Luminar’s technology outperformed Tesla’s, and that sent LAZR stock up over 27% in today’s trading.
The video featured six tests that assessed the lidar technology’s capabilities, which uses laser pulses to create a three-dimensional map of objects in an area. In contrast, Tesla’s system relies on cameras and image processing. Despite the boost, LAZR shares remain down about 80% from their peak last July. Tesla’s shares, on the other hand, fell 4.8% on Monday and are down more than 50% from their peak in December.
While Rober’s video has generated a lot of attention, it’s worth noting that Luminar provided the vehicle for testing purposes, although Rober stated that he was not financially compensated by the company. Nevertheless, Luminar’s technology has the potential to improve autonomous driving capabilities, and the company’s partnership with major automakers has helped to drive interest in its lidar technology.
Which Autonomous Vehicle Stock Is the Better Buy?
Turning to Wall Street, out of the two stocks mentioned above, analysts think that TSLA stock has more room to run than LAZR. In fact, TSLA's price target of $327.97 per share implies almost 38% upside versus LAZR's 22% downside risk.
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