5 Best Lidar Stocks To Buy Now

In this article, we discuss 5 best lidar stocks to buy now. If you want to see more stocks in this selection, click 8 Best Lidar Stocks To Buy Now.

5. Velodyne Lidar, Inc. (NASDAQ:VLDR)

Number of Hedge Fund Holders: 13

A spin off of Velodyne Acoustics, Velodyne Lidar, Inc. (NASDAQ:VLDR) is a Silicon Valley-based lidar technology company that ships sensors to mobility industry customers for testing and commercial use in autonomous vehicles, advanced driver assistance systems, mapping, robotics, infrastructure and smart city applications.

On October 18, Velodyne Lidar, Inc. (NASDAQ:VLDR) announced a multi-year agreement with the Swedish company Visimind Group, to provide customers in Europe, Middle East and Africa with integrated solutions, including mapping and vegetation management, powered by Velodyne’s lidar technology. This agreement further strengthens the long-standing partnership between the two companies, including a 3-year supply agreement for Puck and Ultra Puck lidar sensors.

As of Q2 2022, 13 of the 895 hedge funds tracked by Insider Monkey held Velodyne Lidar, Inc. (NASDAQ:VLDR) shares valued at a combined total of $9.64 million. Two Sigma Advisors was its largest hedge fund shareholder with ownership of 3.6 million shares valued at $3.45 million.

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

Number of Hedge Fund Holders: 17

Luminar Technologies, Inc. (NASDAQ:LAZR) is an American technology company that develops vision-based lidar and machine perception technologies, primarily for self-driving cars. The company enables solutions for series production passenger cars and commercial trucks, as well as other targeted markets.

Rosenblatt analyst Kevin Cassidy initiated coverage of Luminar Technologies, Inc. (NASDAQ:LAZR) with a Neutral rating and $8 price target on October 24. According to Cassidy, Luminar Technologies has an “impressive” lidar design and list of automotive partners, but the positives are priced into the shares. The next obstacle for the company is to move the Iris into series production, says the analyst, who sees “many risks for ramping into volume production.”

At the end of the second quarter of 2022, 17 hedge funds in the database of Insider Monkey held stakes worth $52.9 million in Luminar Technologies, Inc. (NASDAQ:LAZR), compared to 16 in the preceding quarter worth $133.8 million.

3. Innoviz Technologies Ltd. (NASDAQ:INVZ)

Number of Hedge Fund Holders: 17

Innoviz Technologies Ltd. (NASDAQ:INVZ) is a leading provider of high-performance lidar sensors and perception software for autonomous vehicles. The company manufactures InnovizOne, a solid-state lidar sensor designed for automakers, shuttle, trucking, and delivery companies requiring an automotive-grade and mass-producible solution to achieve vehicle autonomy.

On October 26, Innoviz Technologies Ltd. (NASDAQ:INVZ) announced its partnership with software company Kudan, whose perception software allows machines to generate 3D maps of surrounding environments and gain autonomous mobility based on Innoviz lidars. The cooperation between the two companies addresses the growing need for 3D digital mapping solutions leveraging “Simultaneous Localization and Mapping” technology.

Earlier this September, Berenberg analyst Jared Maymon assumed coverage of Innoviz Technologies Ltd. (NASDAQ:INVZ) with a Buy rating and $12 price target as he took over coverage of the maker of lidar sensors for consumer vehicles. While Maymon understands that investors are skeptical regarding lidar adoption, his analysis suggests that automakers representing about 35% of annual vehicle production volumes have already selected lidar suppliers for series production. According to the analyst, Innoviz is “one of the best ways for investors to own a piece of the growing lidar adoption in automotive,” as production awards with BMW and Volkswagen Group combine to make the company a market leader.

According to the second quarter database of Insider Monkey, 17 hedge funds were bullish on Innoviz Technologies Ltd. (NASDAQ:INVZ), compared to 38 funds in the preceding quarter. Stephen Dubois’ Camber Capital Management is a significant position holder in the company, with 2.82 million shares worth $107 million.

2. Ouster, Inc. (NYSE:OUST)

Number of Hedge Fund Holders: 18 

Ouster, Inc. (NYSE:OUST) is an American lidar technology company headquartered in San Francisco, California, that designs and builds high-resolution, digital 3D lidar sensors for use in autonomous vehicles, industrial, robotics, drones, mapping, defense, and security systems.

Rosenblatt analyst Kevin Cassidy initiated coverage of Ouster, Inc. (NYSE:OUST) with a Buy rating and $2 price target on October 24. According to the analyst, Ouster is a leader in digital lidar technology that is currently shipping thousands of units quarterly. The analyst expects that the REV7 products, which he says increases performance and double its sellable market, can accelerate the company’s traction in automotive applications.

As of Q2 2022, 18 of the 895 hedge funds tracked by Insider Monkey held Ouster, Inc. (NYSE:OUST) shares valued at a combined total of $27.76 million.

1. Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Number of Hedge Fund Holders: 19

Allegro MicroSystems, Inc. (NASDAQ:ALGM) is a leading global designer, developer,  manufacturer and marketer of sensor integrated circuits (ICs), and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. With the acquisition of Voxtel in 2020, the company began making moves in advanced photonic and 3D imaging technology, including lidar.

On October 28, Mizuho analyst Vijay Rakesh lowered price target on Allegro MicroSystems, Inc. (NASDAQ:ALGM) to $38 from $42 and maintained a Buy rating on the shares. Although the company issued solid guidance, the analyst adjusted the target for more challenging market conditions, compressed multiples and investor sentiment.

According to Insider Monkey’s data, 19 hedge funds were bullish on Allegro MicroSystems, Inc. (NASDAQ:ALGM) at the end of the second quarter of 2022, compared to 56 funds in the last quarter. John Overdeck and David Siegel’s Two Sigma Advisors is the largest position holder in the company, with 1.66 million shares worth $404.3 million.

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