A vehicle with Luminar LiDAR
Patrick T. Fallon/AFP/Getty Images
Luminar Technologies stock has been slumping, and founder and CEO Austin Russell scooped up the cheaper shares.
Luminar (ticker: LAZR) stock lost half of its value last year, compared with a 27% rise in the S&P 500 index. So far this year, shares have slipped 13%, compared with a 5% slip in the S&P. The company, which went public through a special-purpose acquisition company in December 2020, makes lidar sensors for self-driving vehicles. Luminar was sideswiped as investors turned against newly public SPAC deals. On December 14, Luminar announced it would take steps to provide more capital and shore up shareholder confidence.
Russell paid $1.1 million on Jan. 21 and Feb. 2 for 80,000 Luminar shares, a per share average price of $13.87, according to filings with the Securities and Exchange Commission. He made the purchases through a so-called Rule 10b5-1 trading plan, which automatically executes trades when preset parameters are met. Russell launched his plan on Dec. 21.
Luminar didn’t make Russell available for comment, but noted that his buy was part of the insider stock purchases announced as part of the December recapitalization plan. “[W]e think our stock price has not reflected the wins and successes we’ve had over the past year,” Russell was quoted assaying in the news release.
On Dec. 14, Cowen analyst Joshua Buchalter initiated coverage of Luminar at Outperform with a $22 price target. Buchalter, however, noted that trading in the shares “likely remains volatile.”
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
