In recent years, the self-driving technology space has gained considerable attention from investors and if you are looking into stocks from the sector, then it might be a good move to look into Luminar Technologies Inc (NASDAQ:LAZR) stock.
After having gone through a downward spiral for many weeks, the Luminar stock recovered strongly this past week and clocked gains of as much as 35% over the past three trading sessions. The primary reason behind the rally in the stock is tied to the fact that the company managed to recruit a prominent executive from Tesla.
The long-serving legal counsel and vice president of legal at Tesla, Al Prescott, is going to join Luminar as the Chief Legal Officer. It is a significant development for Luminar considering the fact that the company’s technology has been mocked regularly by the founder of Tesla, Elon Musk. Hence, the poaching of the top legal eagle from Tesla is a coup for the company and perhaps shows that he believes in Luminar’s technology.