11 Best Lidar Stocks to Buy According to Hedge Funds

2. Trimble Inc. (NASDAQ:TRMB)

Number of Hedge Fund Holders: 36

Trimble Inc. (NASDAQ:TRMB) develops hardware and software solutions for advanced positioning systems. The products integrate Lidar, GPS, and other sensors to enable precise positioning and mapping across various industries. Its leading product, the ProPoint Go™ platform, allows autonomous vehicles to navigate up to a centimeter-level accuracy.

The company reported $875.8 million in third-quarter 2024 revenue, which was 3% organic growth. Annualized recurring revenue reached $2.19 billion, 13% more than the same quarter in the previous year (14% organic growth). Other highlights include a record gross margin of 68.5% and adjusted EBITDA of $237.4 million (27.1 % of revenue).

On January 06, Trimble announced that it would integrate its precise positioning engine, Trimble ProPoint Go™, with Qualcomm’s Snapdragon Auto 5G Modem-RF Gen 2. The improved product will be sold to automated and autonomous vehicles, mostly automotive OEMs. It will help increase positioning accuracy and potentially improve current self-driving capabilities. The solution will also enhance advanced driver assistance systems (ADAS).

A few weeks later (February 10), the company signed a deal with Platform Science to acquire Trimble’s global transportation telematics business units. This strategic investment makes Trimble a shareholder in Platform Science’s expanded business and gives it a seat on the board. These are some of the developments that explain why the stock has gained close to 40% over the past six months. Wolfe Research recently upgraded Trimble to “Outperform” with a $90 price target, suggesting growing confidence in the company’s strategic direction.