Stocks ticked lower to start the final week of June and the first half of the year. Although the impressive rally of the past several weeks has lost steam, certain areas of the market are on track for a banner first half. Most notably, tech stocks have rocketed amid rekindled enthusiasm over a few popular companies, leading to a 29% YTD increase for the Nasdaq. Following the stellar performance, many investors are wondering which tech stocks have room to run in the second half.
Today’s featured company is a mighty mid-cap on track for triple-digit revenue growth this year. The analyst community predicts this stock could surge more than 200% over the next twelve months. Anyone looking to capitalize on potential exponential growth would do well to consider a position at this ticker’s currently low price.
Luminar (LAZR)
Luminar is at the forefront of lidar technology development with products designed to integrate sensors with AI, giving cars autonomous safety features to support a human driver. EV makers are increasingly embracing LiDAR tech for self-driving vehicles, translating into solid revenue growth for Luminar.
Luminar management aims for triple-digit revenue growth every year for the next five years, and its stock has been gaining momentum. After losing more than 70% of its value in 2022, LAZR is up 33% this year. The stock garners a solid “Buy” rating from the 12 analysts offering recommendations. An average price target of $12 represents a 92% upside from the current price. At the high end, a $20 price target represents a 220% increase from the current price.
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