11 Best Lidar Stocks to Buy According to Hedge Funds

7. Luminar Technologies, Inc. (NASDAQ:LAZR)

Number of Hedge Fund Holders: 10

Luminar Technologies, Inc. (NASDAQ:LAZR) is one of the three companies whose IPO in 2020 set in motion the lidar race. It was the second Silicon Valley firm working on the sensors for self-driving vehicles to go public. The company’s technology is used in Volvo’s EX90 electric SUV.

Besides the SUV, Luminar Technologies, Inc.’s (NASDAQ:LAZR) lidar technology is featured as standard equipment in several other Volvo cars. The company has another development contract with Toyota, whose technology will power the ADAS system in new cars.

Late last year, Luminar reorganized its top leadership. Michael Southard was appointed as VP of Engineering, and Alex Fishkin was appointed as Chief Legal Officer.

“We’re setting Luminar up for success in 2025 with leadership enhancements to help us achieve our two main goals for next year: strong growth and increased efficiency,” said Austin Russell, Founder and CEO.

Despite facing near-term industry headwinds, Luminar’s financial position is improving. The company’s Q3 2024 non-GAAP free cash flow improved by approximately $20 million compared to the previous quarter. This was a result of the recent cost-cutting actions, including headcount reductions in non-technical roles.

“Today, nearly every major automaker has LiDAR planned into their roadmaps,” noted Russell, emphasizing the company’s position in what he calls a “trillion-dollar industry.”