Luminar Jumps After Hiring Executives Away From Tesla and Intel

Tesla's former general counsel joined Luminar as chief legal officer, while Intel's VP of investor relations was hired to take the same role at Luminar.
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Shares of Luminar Technologies  (LAZR) - Get Report shares soared Wednesday, after the maker of sensors and software for autonomous vehicles announced it had hired two executives from Tesla  (TSLA) - Get Report and Intel  (INTC) - Get Report.

Alan Prescott joins as chief legal officer, after a stint as general counsel at Tesla. Prior to his four years at Tesla, Prescott led Uber’s  (UBER) - Get Report Advanced Technology Group’s legal team as senior counsel overseeing commercial, regulatory, litigation, privacy and cybersecurity.

Luminar also hired Trey Campbell as vice president and leader of its investor relations department. Prior to joining Luminar, he spent 20 years at Intel, beginning as a financial analyst and later serving as vice president of investor relations.

Prescott started his career at Ford Motor  (F) - Get Report as a safety engineer before receiving his law degree from Georgetown University. He then spent 10 years at Ford leading various legal operations.

Luminar recently traded at $19.43, up 18.3%. It has gone up 82% since going public in December, amid widespread enthusiasm for the autonomous vehicle sector. To be sure, however, it has plunged 55% since Dec. 8.

Tesla shares were up 0.9% to $725.12, while Intel shares rose 1.0% to $63.33. 

Last month, Luminar detailed its plans for 2021, including as much as a doubling of revenue from 2020. The Portola Valley, Calif., company estimates 2021 revenue will come in at $25 million to $30 million, compared with around $14 million for 2020.

In December, Luminar said its relationship with Intel's Mobileye was moving "full speed ahead." Luminar had taken a hit following news accounts that said Mobileye, which makes self-driving car and advanced driver-assistance systems, planned to develop its own sensors.