Why Luminar Technologies Shares Are Jumping This Week

It's been a busy week for automotive lidar sensor maker Luminar Technologies (NASDAQ: LAZR). First the company announced a big win for potential future business, and then yesterday it provided investors with its third-quarter business and financial update. All the activity brought investors into the stock, with gains of about 17.5% for the week as of mid-morning Friday, according to data provided by S&P Global Market Intelligence.

Semiconductor pioneer Nvidia (NASDAQ: NVDA) held its virtual GPU Technology Conference (GTC) this week, and good news for Luminar was announced there on Monday. Luminar's lidar vehicle navigation solution will supply Nvidia's autonomous vehicle development platform. Investors immediately bid up Luminar shares on the news. Though the stock gave some of those gains back, they again moved up after Luminar provided its third-quarter report. 

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Source Fool.com