Here's Why Luminar Technologies (LAZR) Shares Are Moving

Luminar Technologies Inc LAZR shares are trading higher by 9.92% to $6.98 Friday afternoon. Shares of EV-related and clean energy vehicle stocks are trading higher following a rumor suggesting the Public Investment Fund is preparing to buy out the remainder of Lucid Group Inc. The sector is also up following strong earnings from Tesla Inc this week.

Our Benzinga team on Friday reached out to both the Public Investment Fund and Lucid Group for comment on the rumors. A Lucid Group spokesman told Benzinga Friday the automaker does not comment on rumors or speculation.

See Also: Why Tesla Stock Is Popping Off Today

Tesla Earnings Highlights, Recap

Tesla reported fourth-quarter total vehicle production of 439,701, up some 44% year-over-year. Fourth-quarter deliveries came in at 405,278, up 31% year-over-year.

Tesla reported fourth-quarter revenue of $24.32 billion, which was up 37% year-over-year. The revenue total beat a Street estimate of $24.16 billion, according to data from Benzinga Pro. 

Tesla reported fourth-quarter adjusted earnings per share of $1.19, which beat a Street estimate of $1.13.

The company said the fourth quarter marked the highest revenue, operating income and net income in company history...Read More

Luminar Technologies has a 52-week high of $16.80 and a 52-week low of $3.91.