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Luminar Applied sciences
inventory has been slumping, and founder and CEO Austin Russell scooped up the cheaper shares.
Luminar (ticker: LAZR) inventory misplaced half of its worth final 12 months, in contrast with a 27% rise within the
S&P 500
index. To this point this 12 months, shares have slipped 13%, in contrast with a 5% slip within the S&P. The corporate, which went public via a special-purpose acquisition firm in December 2020, makes lidar sensors for self-driving automobiles. Luminar was sideswiped as traders turned towards newly public SPAC offers. On December 14, Luminar introduced it might take steps to offer extra 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 common value of $13.87, based on filings with the Securities and Trade Fee. He made the purchases via a so-called Rule 10b5-1 buying and selling plan, which robotically executes trades when preset parameters are met. Russell launched his plan on Dec. 21.
Luminar didn’t make Russell obtainable for remark, however famous that his purchase was a part of the insider inventory purchases introduced as a 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 edward.lin@barrons.com and follow @BarronsEdLin.
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