Luminar: Building The Order Book, But Not Cheap
-The Selling stockholder will retain 96,118,203 shares of Class B common stock.
-Underwriters' over-allotment is an additional 1.35M shares of Class A stock.
-The company will not receive any proceeds from this offering.
-Seeing the company positioned to outperform its peers this year, Baird upgrades Luminar (NASDAQ:LAZR) from Neutral to Outperform with a $30 price target.
-The firm sees the lidar sensor company "well positioned to upward-revise its order book and raise its medium-term revenue outlook, driven by the standard adoption of L3 hardware in next-generation vehicles including with Volvo."