Luminar Technologies Inc. (LAZR) shares caught attention on Friday following an SEC filing that revealed CEO Paul Ricci had company stock withheld to satisfy tax obligations.
The automotive technology company, which specializes in advanced LiDAR hardware and software, saw its shares decline 1.57% in after-hours trading on Thursday to $0.95. During regular trading hours, the stock had actually gained 10.61% to close at $0.97, according to market data.
The Tax Withholding Transaction
According to a Securities and Exchange Commission filing made on Tuesday, CEO Paul Ricci had 69,431 Class A common shares withheld by Luminar Technologies on December 5. The shares were withheld at $0.9296 each to satisfy tax withholding obligations related to vesting restricted stock units.
This is standard procedure when executives receive stock compensation. As restricted stock units vest, the company typically withholds shares to cover the tax bill rather than requiring cash payment. Following the transaction, Ricci holds 1.80 million shares. Alexander Fishkin signed the form as Attorney-in-Fact.
Rivian Puts LiDAR in the Spotlight
The timing of investor interest in Luminar coincides with some positive industry news. Rivian (RIVN) CEO RJ Scaringe talked up LiDAR technology at the company's inaugural Autonomy & AI Day in Palo Alto on Thursday. Rivian confirmed plans to integrate LiDAR into future R2 models starting in late 2026, which could represent a significant market opportunity for suppliers.
Luminar supplies its LiDAR technology to an impressive roster of clients including Mercedes-Benz, NVIDIA (NVDA), Caterpillar (CAT), and Intel's Mobileye (INTC). The technology uses laser pulses to create detailed 3D maps of vehicle surroundings, which is considered essential for advanced autonomous driving systems.
Trading Metrics Tell a Tough Story
Despite any recent momentum, the bigger picture for Luminar remains challenging. The stock is down 86.06% over the past year, reflecting ongoing concerns about the company's path to profitability and the slower-than-expected adoption of autonomous driving technology.
Luminar Technologies has a market capitalization of just $75.53 million, with a 52-week trading range of $0.78 to $10.40. Those numbers show just how far the stock has fallen from its highs. The stock shows a negative price trend across all timeframes according to technical analysis, suggesting continued pressure despite occasional positive catalysts like the Rivian announcement.
For a company that was once valued in the billions during the SPAC boom, the current valuation represents a dramatic reset of expectations around the timeline for widespread autonomous vehicle adoption.