- The stock price of AEye, Inc. (NASDAQ: LIDR) increased by over 70% during intraday trading. This is why it happened.
The stock price of AEye, Inc. (NASDAQ: LIDR) – a provider of intelligent, next-generation, adaptive LiDAR for vehicle autonomy, advanced driver-assistance systems (ADAS), and robotic vision applications – increased by over 70% during intraday trading. There seem to be a few reasons why the stock price increased.
1.) Increase In Discussions About LIDR On Social Media
There has been a notable uptick in discussions about LIDR on various social media platforms. Users are encouraging each other to buy into the company in order to drive a short squeeze.
2.) Sympathy Play
It is possible that the stock price increase could be driven up due to a sympathy play associated with news from Luokung today. Today Luokung’s operating affiliate eMapgo Technology (Beijing) Co., Ltd. (EMG), a leading provider of navigation and electronic map services in China, signed a cooperation agreement with Microsoft to launch autonomous driving services for automakers.
3.) Recent News
AEye recently announced the opening of its Korea office to support and grow AEye’s business in the automotive, mobility, and industrial markets in East Asia. And the company also announced the appointment of Sung-Ho Kim as country manager of AEye’s new office in Korea.
Sung-Ho Kim is a 33-year automotive and defense industry executive who most recently served as president of Valeo Korea. In this role, he oversaw $2 billion in revenue, 5 manufacturing plants, 4 R&D centers and over 4,000 employees and drove OEM sales and business development, including LiDAR, camera and radar sales with customers including Hyundai-Kia Global, GM Korea, Renault Samsung Motors and Ssangyong Motors.
AEye also recently said that its LiDAR system (termed iDAR) has achieved groundbreaking independently verified performance metrics that top the LiDAR industry. And the company has a two-tiered go-to-market approach: it is working alongside manufacturing and automotive go-to-market partner Continental AG to jointly develop an ultra-long-range, high-performance LiDAR for automotive and commercial vehicle applications. For the non-automotive markets, AEye is working with global integrated manufacturing solutions leader Sanmina as well as engineering, design, and manufacturing services provider Benchmark to produce AEye’s 4Sight M and manufacture critical optical components and modules in AEye’s sensors targeted for a broad range of industrial markets.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.