Firstly, what is LiDAR technology? Lidar is a technique for estimating ranges (varying distance) that involves using a laser to target an object and measuring the time it takes for the light reflected to return to the receiver. Due to variances in laser return durations and changing laser wavelengths, Lidar may also be used to create computerized 3-D renderings of places on the earth’s surface and sea bottom. It has uses on the ground, in the air, and on mobile devices.
The increasing need for autonomous cars and widespread urbanization and industrialization have fuelled the demand for cutting-edge LiDAR technology. LiDAR sensors are necessary for driverless vehicles, enhanced driver support systems, and the acquisition of 3D data for urban planning.
According to Absolute Reports, the global market for automotive and industrial LiDAR is predicted to reach $9.07 billion by 2028, with a 24.4% compound annual growth rate (CAGR) throughout that time.
Let’s take a look at three very reasonably priced LiDAR technology stocks that Wall Street experts are telling us to buy now:
Ouster Inc (OUST)
Ouster Inc (OUST), situated in San Francisco, develops and produces high-resolution digital lidar sensors for applications in industrial automation, robotics, innovative infrastructure, and automobiles. Serve Robotics, an autonomous sidewalk delivery firm, recently entered a strategic customer partnership with OUST. To support the safe and effective navigation of sidewalk delivery robots, the deal includes a commitment for OUST to supply OS digital sensors until 2023 and additional sensors to Serve Robotics through 2025. The firm is expected to do well.
OUST‘s overall sales climbed 30.4% year over year to $7.76 million in the third quarter, ending September 30th. Its gross margin rose 76.5% to $1.88 million year-over-year. In addition, the company’s cash and equivalents climbed by 1850% to $221.58 million during the same period. Over the last year, OUST‘s total assets have increased by 462.9% to $261.27 million. The Street anticipates OUST‘s EPS to increase 89.9% year-over-year in the soon-to-be-released quarter. The consensus price target for OUST among analysts who provide 12-month predictions is 13.00, with a high of 19.00 and a low of 8.00. The median estimate is up 272.49% over current pricing, and analysts give OUST a strong buy rating.
Innoviz Technologies Ltd (INVZ)
Innoviz Technologies (INVZ) is an Israeli business that develops and produces solid-state LiDAR sensors and perception software for automotive, drones, mapping, robotics, and other industries where autonomous cars are mass-produced. INVZ recently partnered with Twinner, a German-based vehicle scanner supplier in the automotive sector. INVZ also unveiled Innoviz360 last month, a patent-pending HD LiDAR architecture that enables numerous scanning software setups at a cheaper cost. Beginning in 2023, this unique product line is projected to produce a healthy revenue stream.
In the third quarter of 2021, INVZ‘s revenue climbed 13.4% year-over-year to $2.08 million. INVZ‘s net financial income increased by 596.8% to $3.74 million year-over-year. INVZ‘s cash and cash equivalents climbed by 179.4% to $139.57 million in the nine months ending September 30th. INVZ‘s total assets increased by 382.5% to $350.14 million. Analysts predict INVZ’s sales for the first quarter of 2022, which ends March 31st, to be $2 million, up 174.7% year-over-year. The consensus price target for INVZ from analysts that provide 12-month predictions is 9.00, with a high estimate of 12.00 and a low estimate of 8.00. The consensus reflects an increase of 113.02% over the previous price, and INVZ boasts a comfortable buy rating.
Luminar Technologies Inc (LAZR)
Luminar Technologies (LAZR) is an automotive LiDAR hardware and software business located in Orlando, FL, that creates innovative sensor technologies for the autonomous car sector. The company is divided into two segments: Autonomy Sales and Component Sales. In Orlando, Florida, and Alto, California, LAZR maintains research and production facilities. LAZR and Mercedes-Benz teamed recently to improve safety and autonomous driving capabilities in Mercedes passenger automobiles. The Iris Lidar technology from LAZR will be used in serial manufacturing. LAZR expects to benefit from this cooperation by using its underlying technologies and increasing income sources.
In the fiscal third quarter of 2021, LAZR‘s revenue climbed by 88.9% year-over-year to $7.98 million. LAZR‘s total other income increased by 286.3% to $17.54 million. In addition, the company’s total assets climbed by 19.1% to $607.81 million in the nine months ending September 30th. Analysts predict that LAZR‘s EPS will increase 8.3% year-over-year in the soon-to-be-released quarter. LAZR has a strong track record of earnings surprises, having outperformed consensus EPS projections in three of the last four fiscal quarters. The consensus price target for LAZR among analysts who provide 12-month predictions is 24.00, with a high of 38.00 and a low of 14.00. The median estimate is up 54.64% from the most recent price, and the consensus from the experts is to buy stock in LAZR.
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