Luminar Technologies (NASDAQ:LAZR) Shares Gap Down to $1.68

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $1.68, but opened at $1.53. Luminar Technologies shares last traded at $1.62, with a volume of 3,106,822 shares.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $8.00 price objective (down previously from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Bank of America restated an “underperform” rating and issued a $1.20 price target (down previously from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. Rosenblatt Securities dropped their price target on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $4.00 price target (down previously from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. Finally, The Goldman Sachs Group dropped their price target on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a research report on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Luminar Technologies presently has an average rating of “Hold” and an average target price of $6.39.

Luminar Technologies Trading Down 1.2 %

The business has a 50 day simple moving average of $1.77 and a 200-day simple moving average of $2.51. The stock has a market capitalization of $696.12 million, a price-to-earnings ratio of -1.12 and a beta of 1.54.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The business had revenue of $22.11 million during the quarter, compared to analysts’ expectations of $27.25 million. Research analysts predict that Luminar Technologies, Inc. will post -1.01 EPS for the current year.

Hedge Funds Weigh In On Luminar Technologies

A number of large investors have recently modified their holdings of LAZR. Arizona State Retirement System raised its holdings in shares of Luminar Technologies by 10.6% during the 3rd quarter. Arizona State Retirement System now owns 71,898 shares of the company’s stock valued at $327,000 after buying an additional 6,916 shares during the period. Tyler Stone Wealth Management raised its holdings in shares of Luminar Technologies by 71.8% during the 3rd quarter. Tyler Stone Wealth Management now owns 17,700 shares of the company’s stock valued at $81,000 after buying an additional 7,400 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Luminar Technologies by 23.7% during the 1st quarter. Principal Financial Group Inc. now owns 39,157 shares of the company’s stock valued at $77,000 after buying an additional 7,510 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Luminar Technologies by 27.9% during the 4th quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock valued at $117,000 after buying an additional 7,564 shares during the period. Finally, 180 Wealth Advisors LLC increased its holdings in Luminar Technologies by 65.1% during the 1st quarter. 180 Wealth Advisors LLC now owns 20,702 shares of the company’s stock worth $41,000 after purchasing an additional 8,161 shares during the last quarter. 30.99% of the stock is currently owned by hedge funds and other institutional investors.

Luminar Technologies Company Profile

Luminar Technologies, Inc, an automotive technology company, provides sensor technologies and software for passenger cars and commercial trucks in North America, the Asia Pacific, Europe, and the Middle East. It operates in two segments, Autonomy Solutions and Advanced Technologies and Services. The Autonomy Solutions segment designs, manufactures, and sells laser imaging, detection, and ranging sensors or lidars, as well as related perception and autonomy software solutions primarily for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and adjacent industries.