Market Flash on LAZR
Luminar News Spooks Investors
Luminar Technologies (LAZR US) investors received a trick and not a treat this Halloween. The automotive company specializing in lidar technology announced a series of unfortunate headlines sending the stock plummeting by almost 50%. First, it was announced that they were subpoenaed by the SEC for potential breaches of federal securities laws. Then they announced they were laying off 25% of their workforce amidst concerns around insolvency and that the current CFO would be stepping down on November 13.
Equilend Data & Analytics has been suggesting a potential crash for LAZR over the last several months. Equilend Borrow Quantity has steadily risen from 9.8 million shares on August 1 to 22.7 million shares on October 30. Simultaneously, Equilend Borrow Demand rose to nearly 100% as all available shares were borrowed, likely for shorting purposes. This dramatic rise suggests that negative sentiment has been building for some time and short sellers are now poised to benefit.
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