AEye (NASDAQ:LIDR) stock is taking off on Friday after the lidar systems company announced a new partnership with LiteOn Technology Corporation.
This is a follow-up to the company’s non-binding Letter of Intent that was announced in March. LiteOn Technology Corporation is the company that was talked about in that announcement but hasn’t been named until now.
According to AEye, this partnership with LiteOn Technology Corporation secures it as a channel and industrialization partner. This will see the two companies work together to bring AEye’s 4Sight-based lidar products to automotive original equipment manufacturers.
AEye CEO Matt Fisch said this about the partnership with LiteOn Technology Corporation:
“We believe that LITEON is an ideal partner for us. Their innovative spirit, vast experience in providing solutions to the automotive ADAS market, combined with their cutting-edge industrialization capability will enable us to provide the industry’s leading long-range lidar solutions at a very competitive cost to our customers.”
LIDR Stock Movement on Friday
Today’s news brings with it heavy trading of LIDR stock this morning. That has more than 4.2 million shares of the stock changing hands as of this writing. This is well above the company’s daily average trading volume of about 321,000 shares.
LIDR stock is up 38.1% as of Friday morning. Investors will note the stock was down 43.9% year-to-date when markets closed yesterday.
There are even more stock market stories for traders to read about today below!
We offer up all of the hottest stock market news investors need to know about on Friday! Among that is what has shares of Novavax (NASDAQ:NVAX) stock up, the biggest pre-market stock movers this morning and more. All of this info is available at the following links!
More Stock Market News for Friday
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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.
