Shares of Luminar (NASDAQ:LAZR) are in full focus following the release of its second-quarter earnings and three insider purchases by CEO Austin Russell. Luminar engages in the development of light detection and ranging (LiDAR) technology, which is viewed as a key component in autonomous driving. LAZR stock was added to the Russell 2000 Index earlier this year and boasts customers such as Nissan (OTCMKTS:NSANY) and Mercedes Benz (OTCMKTS:DLMRY).
During the quarter, revenue tallied in at $9.9 million, surpassing internal estimates and the Zacks consensus estimate by a healthy 12.23%. Adjusted earnings per share, or EPS, was a loss of 18 cents, falling short of the consensus estimate for a loss of 17 cents. In the past four quarters, Luminar beat consensus EPS estimates twice.
Meanwhile, a guidance raise was the cherry on top. Full-year 2022 revenue guidance was raised to between $40 million and $45 million, up from the previous forecast of $40 million.
Luminar added it is on track to meet or exceed all four of its 2022 milestones. These include a beta release of its Sentinel software by the end of the year and improvements in its commercial programs.
With that in mind, let’s get into the details of Russell’s purchases.
LAZR Stock: CEO Austin Russell Buys Shares
On Aug. 2, Russell disclosed purchasing 25,000 shares at an average price of $7.21. On August 10, two days after earnings were released, he purchased an additional 25,000 shares at an average price of $9.70. Russell wasn’t done just yet. Today, he disclosed purchasing 50,000 shares at an average price of $9.98. After the purchases, he now owns a total of 905,000 shares.
The purchases imply Russell was satisfied with his company’s earnings and future growth potential. In its press release, he added:
“The most advanced automakers’ demand for Luminar is further increasing as we continue to successfully execute on their programs and build further conviction […] As we prepare for the upcoming series production launch of Iris at the existing production facilities with our partners, we are also now planning the build-out of a larger, fully dedicated and automated facility.”
Year-to-date, Russell has purchased LAZR stock on 12 separate occasions. In fact, he has purchased his entire stake this year, demonstrating his conviction in Luminar’s prospects. So far, no other LAZR stock insider has purchased shares on the open market this year.
On the date of publication, Eddie Pan did not hold (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.
