What's Driving Luminar Technologies Stock Higher?

Shares of Luminar Technologies, Inc. LAZR are rallying strong Wednesday on the back of hiring announced by the company.

What Happened: Luminar, a provider of lidar hardware and software, said it has appointed Alan Prescott as chief legal officer and Trey Campbell as VP of investor relations.

Prescott joins Luminar from electric vehicle giant Tesla, Inc. TSLA, where he most recently served as general counsel. He is an automotive and autonomous legal industry expert, having previously worked with Uber Technologies, Inc. UBER and Ford Motor Company F.

Campbell was a 20-year veteran at Intel Corporation INTC and has worked in various capacities at the company.

Related Link: Ford Sells Stake In Velodyne Lidar: Could Automaker Be Looking Elsewhere For Autonomous Tech?

Why It's Important: Luminar is in the sweet spot of EV industry explosion, as companies are advancing their autonomous driving technology in which lidar plays a key role.

The company is an emerging leader in next-generation, commercial lidar, as seen with recent and forthcoming automotive series production wins across major automakers and suppliers, BofA Securities analyst John Murphy said in a recent note.

At last check, Luminar shares were jumping 12.51% to $18.49.