Luminar Technologies (NASDAQ:LAZR) Trading Up 8.4%

Luminar Technologies, Inc. (NASDAQ:LAZR) shot up 8.4% during trading on Tuesday . The stock traded as high as $1.41 and last traded at $1.41. 2,189,098 shares changed hands during trading, a decline of 72% from the average session volume of 7,811,907 shares. The stock had previously closed at $1.30.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on LAZR shares. 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 note on Wednesday, April 10th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $8.00 target price (down previously from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. The Goldman Sachs Group lowered their price target on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a report on Thursday, February 29th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $4.00 price objective (down previously from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Finally, Rosenblatt Securities lowered their target price on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $7.09.

Luminar Technologies Price Performance

The stock has a 50-day moving average of $1.89 and a 200-day moving average of $2.66. The firm has a market cap of $577.99 million, a price-to-earnings ratio of -0.93 and a beta of 1.48.

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 analysts’ consensus estimates of ($0.30) by ($0.02). The business had revenue of $22.11 million for the quarter, compared to analysts’ expectations of $27.25 million. On average, equities analysts expect that Luminar Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

Several hedge funds and other institutional investors have recently modified their holdings of LAZR. Arizona State Retirement System boosted its stake in Luminar Technologies by 10.6% in the third 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 in the last quarter. Tyler Stone Wealth Management grew 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 purchasing an additional 7,400 shares during the last quarter. Victory Capital Management Inc. increased its position in Luminar Technologies by 27.9% during the 4th quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock worth $117,000 after purchasing an additional 7,564 shares in the last quarter. 180 Wealth Advisors LLC lifted its stake in Luminar Technologies by 65.1% in the 1st quarter. 180 Wealth Advisors LLC now owns 20,702 shares of the company’s stock valued at $41,000 after purchasing an additional 8,161 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its position in Luminar Technologies by 16.4% in the fourth quarter. Handelsbanken Fonder AB now owns 58,200 shares of the company’s stock valued at $196,000 after buying an additional 8,200 shares in the last quarter. 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.