Luminar Cramer

Posted on by

SPACs have been one of the hottest stories in 2020. CNBC's Jim Cramer is increasing the exposure of SPACs on his “Mad Money” show that is now causing huge rises in share prices.

What Happened: Last week, Cramer mentioned three SPACs on his show over the course of Wednesday, Thursday and Friday.

On Wednesday, Cramer highlighted LuminarMost liked tweets 2017. (NASDAQ: LAZR), a Lidar company that completed its SPAC deal. He called the stock out in his “Know Your IPO” segment and said it was cheap at current levels and worth owning.

On Thursday, Cramer turned his attention to electric vehicles and highlightedCIIG Merger Corp (NASDAQ: CIIC). The SPAC is bringing Arrival public.

Cramer said Arrival has the best chance to be the “son of Tesla,' comparing the company to electric vehicle giant Tesla (NASDAQ: TSLA). He told viewers to buy shares on a pullback and said to “buy hand over fist” if shares dropped to $17.50.

Friday’s segment saw Cramer highlight Hennessy Capital Acquisition Corp IV (NASDAQ: HCAC), a SPAC bringing Canoo public.

Cramer likes Canoo’s subscription model for electric vehicles and called the stock “a decent buy for speculative investors.” He also said the company’s “skateboard approach” can help Canoo build for different types of vehicles like sedans, vans and trucks.

Why It’s Important: Cramer is a well-known personality and has always had an impact on moving stocks when mentioned on “Mad Money.”

Luminar, a start-up that makes guidance technology for self-driving vehicles, is going public through a SPAC. Steve Girsky, VectoIQ managing partner, Nikola.

'Fast Money,' 'Mad Money' and CNBC always moved stocks, but not 20%,' said PreMarket Prep co-host Dennis Dick. 'This is what we’re seeing now.'

Luminar Provides Update On Public Warrants; Has Received Approximately $154 Million In Gross Proceeds To Date From Exercised Warrants. Dream Market: Cramer. Luminar Technologies, Inc. Is producing advanced sensor technologies for the autonomous vehicle industry. It built its LiDAR systems from scratch. That means the company engineered its own: lasers, receivers, chips, packaging and more, rather than incorporating off-the-shelf components.

Luminar Cramer

Cramer openly bashed SPACs in September and early October and criticized several names on his show. He now appears to be doing a turnaround and will be covering SPACs to appease his viewers.

The coverage of SPACs on Cramer’s nightly show is causing huge spikes in share prices of stocks mentioned. Shares of all three names mentioned above moved 20% to 30% in after-hours trading on the mention of the name on the show.

With retail trading strong and new traders entering the market, it appears that the “fear of missing out” has never been higher.

Price Action: Shares of Hennessy Capital Acquisition Corp IV are up 27% to $17.11 in early Monday trading.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

© TheStreet Luminar Spikes on Estimate of Revenue Jump for 2021

Luminar , the lidar-sensor maker, detailed its plans for 2021, including as much as a doubling of revenue from 2020.

Popular Searches

The Portola Valley, Calif., company estimates 2021 revenue will come in at $25 million to $30 million, compared with around $14 million for 2020.

Analysts surveyed by FactSet had been looking for 2021 revenue of $27.7 million.

Luminar Technologies Jim Cramer

The latest estimate for this year is up from its previous view, reported in August, of $26 million.

The company said it expected to increase its forward-looking order book by at least 40% in 2021.

Luminar Cramer

At last check Luminar shares were trading 17% higher at $30.65. The stock touched a 52-week high $47.80 in early December. Almost exactly a year ago it touched a 52-week low $9.51.

The company also detailed four other milestones it aims to achieve throughout the year.

Luminar plans to complete testing of its Iris lidar and begin production of the component in Mexico.

The company is also looking to 'win at least three major commercial programs,' continue its Sentinel software development until its major release in late 2021, and to be disciplined with spending.

Cramer On Luminar

Luminar noted it raised $154 million from warrants during the first quarter of 2021.

So far in the year, the company has established six new strategic partnerships, including its first venture in China.

That's with China's largest auto maker, SAIC Motor. The brand said on Friday that it would bring Luminar's Sentinel software to its R Brand automobiles.

Luminar Technologies Cramer

This article was originally published by TheStreet.