AEye (LIDR) stock rocketed higher on Thursday after the lidar systems company announced its flagship product, Apollo lidar, has been integrated into Nvidia’s (NVDA) DRIVE AGX platform. Lidar is a system that uses laser light to measure distances and create complex 3D models of environments. It’s used by automobile companies to provide self-driving cars with data to operate on.
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Integration into Nvidia’s DRIVE AGX platform is a huge deal for AEye. Nvidia is a top player in the artificial intelligence (AI) space thanks to its chips and software. With this move, AEye will gain exposure to major automakers designing the next generation of autonomous vehicles and driver assistance services.
LIDR stock was up 147.79% in pre-market trading on Thursday, following a 3.67% increase yesterday. Even so, the stock was down 11.02% year-to-date and 20.98% over the past 12 months. Today’s news brings with it heavy trading of AEye stock, with more than 60 million shares traded, compared to a three-month daily average of 1.65 million shares.
Is AEye Stock a Buy, Sell, or Hold?
Turning to Wall Street, coverage of AEye stock is lacking. However, TipRanks’ AI analyst Spark has it covered. Spark rates LIDR stock a Neutral (55) with a $1.50 price target, representing a potential 32.74% upside for the shares. It cites “challenging financial performance and valuation concerns” as reasons for this stance.
