Autonomous vehicles are gaining traction worldwide due to their efficiency and sustainability. Investor optimism about this technology is evidenced by the Global X Autonomous & Electric Vehicles ETF’s (DRIV) 55.1% returns over the past nine months compared to SPDR S&P 500 Trust ETF’s (SPY) 25.6% gains.
Because companies are investing heavily in Light Detection and Ranging (LiDAR) and Advanced Driver-Assistance Systems (ADAS) to deliver optimal performance in challenging weather conditions and accident prevention, the industry should witness solid growth over the long run.
So, despite a current semiconductor chip shortage, which is negatively impacting the automotive industry, Wall Street analysts predict the prices of popular stocks Aeva Technologies, Inc., (AEVA – Get Rating), Velodyne Lidar, Inc. (VLDR – Get Rating), and Foresight Autonomous Holdings Ltd. (FRSX – Get Rating) will gain more than 60% in the near-term.
AEVA, through its frequency modulated continuous wave (FMCW) sensing technology, designs a 4D LiDAR-on-chip that enables the adoption of LiDAR across various applications in automotive, industrial and security.
In an announcement dated May 6, 2021, AEVA said its industry-first 4D LiDAR delivers instant detection and identification beyond a range of 350m and dark objects beyond a 500m range, significantly enhancing its previous performance with software improvements on existing hardware. This breakthrough in long range sensing should provide crucial safety enhancements for automated driving. AEVA hopes to generate good demand for this technology in the near-term.
In January, AEVA collaborated with DENSO, a leading global mobility supplier of advanced automotive technology for major automakers, to bring AEVA’s 4D LiDAR technology to the mass vehicle market. With its unique ability to meet stringent automotive performance and safety requirements, AEVA expects to attain good market reach in the advanced driver assistance and autonomous driving industries.
As of March 31, 2021, the company had $469.41 million in cash and cash equivalents. Analysts expect the company’s revenue to increase 115.1% for the current year to $10.42 million. AEVA’s EPS is expected to grow at a 20% rate per annum over the next five years. The stock closed Friday’s trading session at $10.84.
All four Wall Street analysts that have rated the stock, have rated it ‘Buy.’ Also, analysts expect the stock to hit $22 in the near term, which indicates a potential 103% upside.
VLDR in San Jose, Calif., is a lidar technology company that provides real-time 3D vision for autonomous systems that supports surround-view in autonomous vehicles, drones, security, and mapping. The company offers directional sensors, close-range sensors and software solutions.
On June 14, VLDR introduced the next generation of its Velabit sensor, which addresses the cost, safety, and design challenges of autonomous solutions while delivering state-of-the-art performance. Equipped with VLDR’s proprietary micro-lidar array architecture (MLA), the Velabit delivers an ultra-wide field of view (FoV) and higher resolution. VLDR has received…
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