Light detection and ranging (LiDAR) technology is a remote sensing method that uses light in a pulsed laser form to measure variable distances. The rising demand for autonomous vehicles and extensive urbanization have boosted the need for LiDAR technology.
LiDAR sensors are crucial for advanced driver-assistance systems, environmental mapping, and 3D-modeling applications. Moreover, increasing investments in developing newer products based on LiDAR technology are expected to drive the industry’s growth. According to a report by Grand View Research, the global LiDAR market is expected to grow at a CAGR of 9.8% by 2030.
Given this backdrop, it could be wise to add quality LiDAR stocks Luminar Technologies, Inc. (LAZR) and AEye, Inc. (LIDR) to your watch list as Wall Street analysts expect these stocks to double in the near term.
Luminar Technologies, Inc. (LAZR)
LAZR is an automotive technology company that provides sensor technologies and software for passenger cars and commercial trucks in North America, the Asia Pacific, Europe, and the Middle East. It operates in two segments, Autonomy Solutions, and Components.
On May 26, 2022, LAZR announced teaming up with ECARX, a global mobility tech company, to collaborate on automotive grade technologies to enable advanced safety and automated driving capabilities in the production of consumer vehicles and commercial trucks. The partnership will further strengthen its presence in China, the world’s largest automotive market.
LAZR’s total revenue increased 29% year-over-year to $6.86 million for the fiscal first quarter ended March 31, 2022. Its total liabilities came in at $683.92 million for the period ended March 31, 2022, compared to $685.55 million for the period ended December 31, 2021.
For fiscal 2023, analysts expect LAZR’s EPS and revenue to increase 9.2% and 209.4% year-over-year. Wall Street analysts expect the stock to hit $19.60 in the near term, which indicates a potential upside of 103.3%.
AEye, Inc. (LIDR)
LIDR provides lidar systems for vehicle autonomy, advanced driver-assistance systems, and robotic vision applications in the United States, Europe, and Asia. It offers 4Sight A, a software-configurable lidar solution for automotive markets, and 4Sight M, a software-configurable lidar solution for the mobility and industrial markets.
On May 13, 2022, Blair LaCorte, CEO of LIDR, said, “Our dedication and relentless focus on executing at a high level provides AEye with significant opportunity to strengthen our competitive position and deliver on our key objectives for 2022.”
LIDR’s total revenue increased 228.9% year-over-year to $1.08 million for the fiscal first quarter ended March 31, 2022. Its net cash provided by operating activities came in at $14.73 million compared to a loss of $121 thousand in the prior-year quarter.
Analysts expect LIDR’s revenue to increase by 1,057.5% year-over-year to $1.47 million for the quarter ending September 30, 2022. Over the past three months, the stock has surged 1.2% to close yesterday’s trading session at $3.50. Wall Street analysts expect the stock to hit $12 in the near term, which indicates a potential upside of 242.9%.
LAZR shares were trading at $9.67 per share on Wednesday afternoon, up $0.03 (+0.31%). Year-to-date, LAZR has declined -42.81%, versus a -13.31% rise in the benchmark S&P 500 index during the same period.
About the Author: Nimesh Jaiswal
Nimesh Jaiswal's fervent interest in analyzing and interpreting financial data led him to a career as a financial analyst and journalist. The importance of financial statements in driving a stock’s price is the key approach that he follows while advising investors in his articles.
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