Investors have been attracted to Luminar Technologies (LAZR, Financial) lately because of its enormous growth potential in the Autonomous Vehicle industry. It's a key player in self-driving technology, an area where a big market is predicted soon. The stock saw a period of high volatility, but the analysts project a huge upside in the future.

• Warning! GuruFocus has detected 4 Warning Signs with LAZR.

Analysts and investors alike are taking notice of the stock, which trades now on the open market for $6.66 per share. Eight analysts saw Luminar stock with a whopping 380% upside potential based on their recent price target projections, which totaled the average price target of $32.14 a share. What's more, its street-high price target for the stock is an outstanding $105, implying a monster upside of about 1500%.

Luminar is well suited to cash in on the growing demand for lidars as autonomous vehicles and advanced driver assistance systems (ADAS) evolve. Analysts estimate the company's order book could rise to $60 billion by 2030, adding to optimism for what lies ahead for this titan of the aircraft manufacturing industry.

A clear risk exists with Luminar Technologies, but its innovative product and strong growth outlook backed with a significant upside potential make it an intriguing high risk, high reward investment for those seeking exposure to the rapidly advancing autonomous vehicle space. Luminar, a self-driving car component maker, could become a multi-bagger in the coming years as the self-driving car industry begins to take off.