5 Best Lidar Stocks To Buy Now

In this article, we discuss 5 of the best LiDAR stocks to buy now. If you want to go through our industry analysis, you can go ahead and see the 10 Best Lidar Stocks To Buy.

5. Ouster, Inc. (NYSE:OUST)

Number of Hedge Fund Holders: 14

Ouster, Inc. (NYSE:OUST) is a San Francisco-based American company specializing in LiDAR technology. The company is known for manufacturing high-resolution, digital 3D LiDAR sensors designed for a wide range of applications, including autonomous vehicles, industrial equipment, robotics, drones, mapping, defense, and security systems.

Ouster, Inc. (NYSE:OUST), in collaboration with May Mobility, a pioneer in autonomous vehicle technology, recently revealed an expansion of their supply agreements. This includes a firm commitment to purchase more than one thousand Ouster OS1 and Alpha PrimeTM VLS-128 LiDAR sensors collectively by 2024. The goal is to meet the growing demand for new AV deployments commencing this year.

As of Q2 2022, 14 of the 910 hedge funds tracked by Insider Monkey held Ouster, Inc. (NYSE:OUST) shares valued at a combined total of $8.51 million.

4. FARO Technologies, Inc. (NASDAQ:FARO)

Number of Hedge Fund Holders: 21

FARO Technologies, Inc. (NASDAQ:FARO) is a prominent multinational corporation (MNC) that focuses on the development and production of cutting-edge three-dimensional (3D) measurement, imaging, and realization solutions. Among its renowned product offerings are a diverse range of LiDAR products, including scanners, laser projectors, trackers, imagers, and geospatial devices.

Among the hedge funds being tracked by Insider Monkey, David Paradice’s Paradice Investment Management is a leading shareholder in FARO Technologies, Inc. (NASDAQ:FARO), with 779,580 shares worth more than $12.6 million.

3. indie Semiconductor, Inc. (NASDAQ:INDI)

Number of Hedge Fund Holders: 24

indie Semiconductor, Inc. (NASDAQ:INDI), is a prominent provider of automotive semiconductor and software solutions. The company specializes in delivering its solutions for a wide range of applications, including advanced driver assistance systems (ADAS), autonomous vehicles, in-cabin enhancements, user experience improvements, and electrification technologies. On August 3, indie Semiconductor, Inc. (NYSE:INDI) and SiLC Technologies, Inc (SiLC), a leader in silicon photonics innovation, entered into a partnership that enables coherent detection-based LiDAR platforms for next-generation sensing applications, including driver assistance, autonomous mobility, robotics and industrial automation.

Additionally, indie Semiconductor, Inc. (NYSE:INDI) recently completed its acquisition of EXALOS AG, a Swiss photonics company renowned for its high-performance optical semiconductor designs. This strategic move significantly enhances indie’s potential for collaboration with Tier One companies and automotive OEMs. It also broadens indie’s portfolio in advanced driver assistance and user experience offerings, incorporating near-infrared and visible superluminescent LED (SLED) products, alongside semiconductor optical amplifier (SOA) products. In particular, EXALOS’ SLEDs, used in fiber optic gyroscopes, and SOAs will complement indie Semiconductor, Inc. (NYSE:INDI)’s existing lineup of laser and silicon photonics products, specifically tailored for automotive technology applications.

According to Insider Monkey’s second quarter database, 24 hedge funds were bullish on indie Semiconductor, Inc. (NASDAQ:INDI), compared to 30 funds in the prior quarter. George Soros’ Soros Fund Management is the largest stakeholder of the company, with 3.2 million shares worth $34.2 million.

ClearBridge Small Cap Strategy made the following comment about indie Semiconductor, Inc. (NASDAQ:INDI) in its Q2 2023 investor letter:

“We also added indie Semiconductor, Inc. (NASDAQ:INDI), in the IT sector, which provides automotive semiconductor solutions for a variety of applications. The company is in the early innings of a rapid revenue ramp with a huge backlog to come as the company rapidly takes share in a growing market. We believe the market underestimates the long-term potential for this business as the company continues to sign high-profile contracts with major auto manufacturers and their suppliers.”

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

Number of Hedge Fund Holders: 26

Allegro MicroSystems, Inc. (NASDAQ:ALGM) is a prominent worldwide innovator, creator, manufacturer, and promoter of integrated circuits (ICs) for sensors, as well as application-specific analog power ICs, driving progress in the automotive and industrial sectors. The company’s strategic acquisition of Voxtel in 2020 propelled it into the realm of advanced photonic and 3D imaging technologies, including LiDAR.

In the second quarter of 2023, Allegro MicroSystems, Inc. (NASDAQ:ALGM) witnessed a slight surge in hedge fund interest. The company garnered the attention of 26 hedge funds during that quarter, compared to 25 funds that held positions in the prior quarter. Israel Englander’s Millennium Management displayed a particularly bullish stance on Allegro MicroSystems, Inc. (NASDAQ:ALGM) during Q2, accumulating shares valued at $75.7 million.

Artisan Partners made the following comment about Allegro MicroSystems, Inc. (NASDAQ:ALGM) in its Q1 2023 investor letter:

“Among our top contributors were Lattice Semiconductor, Monolithic Power Systems, Allegro MicroSystems, Inc. (NASDAQ:ALGM), HubSpot and Wingstop. A strong area of the portfolio was our semiconductor holdings as Lattice Semiconductor, Monolithic Power Systems and Allegro Microsystems each outperformed. This is an area of the market where we have historically found many compelling opportunities, and we believe it continues to be an attractive area for long-term capital. Our high-level thesis is that industry consolidation is driving profitability improvements which, combined with top-line demand growth drivers, are breeding many interesting profit cycles. Please read our latest semiconductor industry whitepaper to dive into our thoughts on the industry. After the strong performance in the quarter, we trimmed Lattice Semiconductor in order to manage the position size and also trimmed Monolithic Power Systems due to the company outgrowing our small-cap mandate.”

1. Trimble Inc. (NASDAQ:TRMB)

Number of Hedge Fund Holders: 29

Trimble Inc. (NASDAQ:TRMB) is a global technology corporation renowned for its production of cutting-edge solutions including global positioning systems (GPS), laser rangefinders, 3D laser scanning systems, unmanned aerial vehicles (UAVs), and software comprising LiDAR technology for diverse industries. These innovative products are engineered to enhance precision, productivity, and efficiency across various applications, spanning industries such as construction, cartography, surveying, and agriculture.

On September 28, Trimble Inc. (NASDAQ:TRMB) joined forces with Kyivstar, the leading telecommunications firm in Ukraine, to establish an advanced Continuously Operating Reference Station (CORS) network aimed at delivering GNSS correction services nationwide. This state-of-the-art network, accessible through an annual subscription, will be constructed using Trimble’s cutting-edge hardware and software positioning technology. It empowers users with dependable, high-precision real-time or post-processed GNSS correction data, catering to a wide array of industries.

As of June 2023, 29 out of the 910 hedge funds surveyed by Insider Monkey had bought the firm’s shares. Trimble Inc. (NASDAQ:TRMB)’s biggest hedge fund investor is Ian Simm’s Impax Asset Management through a stake worth $560 million.

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