LAZR Stock: Why Are Luminar Technologies Shares Getting a Lift Today?

Luminar Technologies (NASDAQ:LAZR) stock is gaining on Tuesday after an announcement from the lidar company and its Board of Directors.

Luminar (LAZR stock) sign with greenery around it

Source: JHVEPhoto/shutterstock.com

A recent press release revealed the company’s plans to purchase at least $250 million of LAZR stock today. The share repurchase is being partially funded by a proposed private financing transaction.

In addition to this, the company revealed that some of its top executives will also be buying LAZR stock. Austin Russell, founder and CEO of Luminar Technologies, will lead this effort and the purchases will take place on the open market.

Luminar Technologies also mentions that its $250 million purchase plan starts today. The company said in a news release this morning that the intention was to kick it off after markets opened.

Russell had the following to say about the share purchase news today.

“Given our current position and our trajectory, we think our stock price has not reflected the wins and successes we’ve had over the past year since our public debut, with substantial inefficiency in the market. Today, we’re putting our money where our mouth is by executing this significant purchase of shares as we accelerate our industry leadership.”

Of course, today’s news brings with it heavy trading of LAZR stock. As of this writing, more than 7 million shares of the company’s stock have changed hands. That’s a strong increase over the company’s daily average trading volume of about 4.7 million shares.

LAZR stock is up 2.1% as of Tuesday afternoon but is still down 52.2% since the start of the year.

There’s more stock market news to jump into below!

We’ve got all the stock news you need to know about for Tuesday! That includes Beyond Meat (NASDAQ:BYND) jumping on an upgrade, Lion Electric (NYSE:LEV) getting a new order contract, and what’s hitting Hexo (NASDAQ:HEXO) stock. You can get all of these details from the following links!

More Stock Market News for Tuesda

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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