Shares of Luminar Technologies Inc ( LAZR ) plunged 16.3% to $3.985 on Thursday afternoon after the company reported first-quarter results and announced a major leadership transition.

What To Know: While Luminar ( LAZR ) beat Wall Street expectations, posting a loss of $1.50 per share versus an expected $1.78, and revenue of $18.89 million versus a $15.98 million estimate, investors reacted sharply to news that CEO and founder Austin Russell has resigned following a board-led ethics inquiry. The company confirmed that the investigation did not affect financial results.

Russell will remain on the board, with former Nuance CEO Paul Ricci set to take over on May 21. Ricci brings a track record in scaling tech companies and building AI-driven platforms.

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Alongside earnings, Luminar ( LAZR ) unveiled a new unified product architecture and operating plan aimed at halving non-GAAP operational expenditures by the end of fiscal 2025. CEO Russell characterized the plan as a move to "ramp up production, ramp down costs, and capitalize on the future."

Despite positive financial beats and future-focused plans, the leadership shakeup and surrounding uncertainty appears to have rattled investors during Thursday’s session.

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How To Buy LAZR Stock

By now you're likely curious about how to participate in the market for Luminar Technologies ( LAZR ) – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

According to data from Benzinga Pro, LAZR has a 52-week high of $32.62 and a 52-week low of $3.30.