Driving in reverse after the company reported disappointing first-quarter 2023 financial results on May 9, Luminar Technologies (NASDAQ: LAZR) took a U-turn and has been driving higher over the past few days. What's fueling the buying activity? Simple -- a major insider acquisition of the company's stock has investors eager to park the lidar specialist in their portfolios.

As of 3:11 p.m. ET, shares of Luminar have climbed 12.1% since the end of last Friday's trading session, according to data provided by S&P Global Market Intelligence.

On Tuesday, investors learned that Austin Russell, Luminar's CEO, made a sizable purchase of the company's stock. Russell bought 1.3 million shares in a transaction valued at roughly $7.6 million. But Russell wasn't done. Following the initial purchase, Russell proceeded to buy another $13.7 million in stock.

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Source Fool.com