The 5 Stocks Billionaire Louis Bacon Can’t Stop Buying

2. Luminar Technologies Inc (NASDAQ:LAZR)

Value of Moore Capital Management‘s 13F Position: $63.3 million

Number of Hedge Fund Shareholders: 16

Louis Bacon hiked his fund’s stake in autonomous vehicle software company Luminar Technologies Inc (NASDAQ:LAZR) by 12% during Q1 to 4.05 million shares. Bacon began building a stake in the company in the second quarter of 2021, a few months after it went public via an SPAC merger, and the stock has rapidly become one of his favorites. Hedge fund ownership of LAZR dipped by 24% during the first quarter.

Luminar Technologies Inc (NASDAQ:LAZR), which joined the Russell 2000 index in late June, has developed an advanced light detection and ranging (LIDAR) system that carmakers with autonomous driving ambitions are keen on. The company has deals with eight of the top ten carmakers in the world and more than 40 other commercial partners.

Citi analyst Itay Michaeli has a ‘Buy’ rating on Luminar Technologies Inc (NASDAQ:LAZR) shares, but lowered his price target on them to $24 from $31 in early May following the company’s Q1 business update. Given management’s commentary, the analyst now anticipates greater operating losses for the company in 2022 than previously expected.