Luminar Technologies (NASDAQ:LAZR) Stock Price Up 6.5%

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) traded up 6.5% during trading on Thursday . The stock traded as high as $1.97 and last traded at $1.90. 5,628,147 shares were traded during mid-day trading, a decline of 27% from the average session volume of 7,715,892 shares. The stock had previously closed at $1.78.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a research note on Tuesday. Rosenblatt Securities cut their price target on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, February 28th. The Goldman Sachs Group dropped their target price on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a research note on Thursday, February 29th. Bank of America dropped their price objective on shares of Luminar Technologies from $4.00 to $3.50 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Finally, 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 research note on Wednesday, January 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Luminar Technologies has a consensus rating of “Hold” and a consensus price target of $7.38.

Luminar Technologies Price Performance

The stock’s fifty day simple moving average is $2.34 and its 200-day simple moving average is $3.08. The firm has a market cap of $831.12 million, a PE ratio of -1.34 and a beta of 1.51.

Luminar Technologies (NASDAQ:LAZR) last posted 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 for the quarter, compared to analyst estimates of $27.25 million. Analysts expect that Luminar Technologies, Inc. will post -1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LAZR. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Luminar Technologies by 17.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,762 shares of the company’s stock worth $512,000 after purchasing an additional 4,925 shares during the last quarter. HighTower Advisors LLC grew its position in Luminar Technologies by 4.7% during the first quarter. HighTower Advisors LLC now owns 92,048 shares of the company’s stock valued at $1,444,000 after buying an additional 4,153 shares during the period. Citigroup Inc. grew its position in Luminar Technologies by 30.5% during the first quarter. Citigroup Inc. now owns 146,881 shares of the company’s stock valued at $2,296,000 after buying an additional 34,316 shares during the period. BlackRock Inc. grew its position in Luminar Technologies by 23.0% during the first quarter. BlackRock Inc. now owns 4,623,810 shares of the company’s stock valued at $72,272,000 after buying an additional 865,041 shares during the period. Finally, Allianz Asset Management GmbH grew its position in Luminar Technologies by 1.0% during the first quarter. Allianz Asset Management GmbH now owns 3,023,514 shares of the company’s stock valued at $47,258,000 after buying an additional 30,900 shares during the period. Hedge funds and other 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.