Why Luminar's Stock Is Racing Higher This Week

Driving in reverse after the company reported disappointing first-quarter 2023 financial results on May 9, Luminar Technologies (NASDAQ: LAZR) took a U-turn and has been driving higher over the past few days. Simple -- a major insider acquisition of the company's stock has investors eager to park the lidar specialist in their portfolios. As of 3:11 p.m. ET, shares of Luminar have climbed 12.1% since the end of last Friday's trading session, according to data provided by S&P Global Market Intelligence.