Luminar Media Group (ticker LRGR) is not the company Luminar Technologies (ticker LAZR) that began publicly trading Thursday on the Nasdaq.
The former is a tiny “development stage company, that focuses on providing professional services to the music recording industry” according to its profile listing on Seeking Alpha.
Shares of LRGR are in high demand on Thursday morning but there’s one problem: It appears to be a case of mistaken identity, once again.
But within 30 minutes of trading, shares of LRGR surged more than 3000%, with trading volume that was 10 times the amount of shares that change hands on the average day.
Luminar Technologies aims to become a leader in autonomous transportation while “enabling the world’s first autonomous solutions for automotive series production in passenger cars and commercial trucks.” LAZR stock price is up 18.75% at the time of writing this article, and is selling at $21.38 per share.