Luminar Technologies, Inc. (LAZR) shares ended the last trading session 8.7% higher at $6.15. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.5% gain over the past four weeks.

Luminar shares surged yesterday as it secured a deal with Caterpillar to integrate its LiDAR technology into next-gen autonomous heavy equipment. This move diversifies Luminar’s revenue beyond auto OEMs, expanding into industrial markets like mining and construction. The partnership boosts Luminar’s credibility in non-automotive applications, potentially unlocking broader adoption across heavy industries.

This company is expected to post quarterly loss of $1.62 per share in its upcoming report, which represents a year-over-year change of +43.2%. Revenues are expected to be $17.04 million, down 18.8% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Luminar Technologies, the consensus EPS estimate for the quarter has been revised 5.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on LAZR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Luminar Technologies is part of the Zacks Automotive - Original Equipment industry. Visteon (VC), another stock in the same industry, closed the last trading session 5.4% lower at $79.77. VC has returned -4.4% in the past month.

Visteon's consensus EPS estimate for the upcoming report has changed -8.8% over the past month to $1.63. Compared to the company's year-ago EPS, this represents a change of +1.2%. Visteon currently boasts a Zacks Rank of #4 (Sell).

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This article originally published on Zacks Investment Research (zacks.com).

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