Luminar Technologies (NASDAQ:LAZR) Given New $9.00 Price Target at Citigroup

Luminar Technologies (NASDAQ:LAZR) had its price objective decreased by analysts at Citigroup from $11.00 to $9.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 432.54% from the stock’s current price.

Several other equities research analysts also recently issued reports on LAZR. Rosenblatt Securities dropped their price target on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $4.00 price objective (down from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Bank of America restated an “underperform” rating and set a $1.20 price target (down previously from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $8.00 target price (down from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Finally, The Goldman Sachs Group decreased their target price on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a research note on Thursday, February 29th. Two equities 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.24.

Luminar Technologies Stock Down 13.8 %

NASDAQ LAZR traded down $0.27 during mid-day trading on Thursday, hitting $1.69. The stock had a trading volume of 18,602,096 shares, compared to its average volume of 8,512,950. The company has a market cap of $712.99 million, a price-to-earnings ratio of -1.19 and a beta of 1.54. Luminar Technologies has a 52-week low of $1.21 and a 52-week high of $8.32. The company has a 50 day simple moving average of $1.74 and a 200 day simple moving average of $2.49.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings data on Tuesday, February 27th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The company had revenue of $22.11 million for the quarter, compared to analyst estimates of $27.25 million. As a group, equities analysts anticipate that Luminar Technologies will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC raised its stake in Luminar Technologies by 11.1% in the third quarter. Commonwealth Equity Services LLC now owns 126,606 shares of the company’s stock valued at $576,000 after purchasing an additional 12,651 shares in the last quarter. Raymond James & Associates raised its position in shares of Luminar Technologies by 195.9% in the 3rd quarter. Raymond James & Associates now owns 714,128 shares of the company’s stock worth $3,249,000 after acquiring an additional 472,778 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Luminar Technologies by 45.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 356,942 shares of the company’s stock valued at $1,624,000 after acquiring an additional 110,816 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Luminar Technologies by 18.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,200 shares of the company’s stock valued at $265,000 after purchasing an additional 8,929 shares during the period. Finally, Mackenzie Financial Corp grew its stake in Luminar Technologies by 69.3% in the third quarter. Mackenzie Financial Corp now owns 24,723 shares of the company’s stock valued at $105,000 after acquiring an additional 10,120 shares during the period. Institutional investors own 30.99% of the company’s stock.

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.