Luminar Technologies, Inc. (NASDAQ:LAZR) Given Consensus Recommendation of “Hold” by Analysts

Luminar Technologies, Inc. (NASDAQ:LAZR) has received a consensus rating of “Hold” from the six research firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $4.45.

Several research analysts have issued reports on the company. Rosenblatt Securities dropped their price target on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, February 28th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Bank of America reaffirmed an “underperform” rating and issued a $1.20 price target (down previously from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. Citigroup dropped their price target on Luminar Technologies from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Finally, The Goldman Sachs Group dropped their price target on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a report on Thursday, February 29th.

Luminar Technologies Price Performance

LAZR opened at $1.43 on Monday. The company has a market capitalization of $637.24 million, a price-to-earnings ratio of -1.04 and a beta of 1.62. Luminar Technologies has a 1-year low of $1.21 and a 1-year high of $8.32. The business has a 50 day moving average price of $1.56 and a two-hundred day moving average price of $2.20.

Luminar Technologies (NASDAQ:LAZR) last released its earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.30). The firm had revenue of $20.97 million during the quarter, compared to analyst estimates of $22.09 million. Equities analysts expect that Luminar Technologies will post -0.99 EPS for the current fiscal year.

Institutional Trading of Luminar Technologies

Several large investors have recently added to or reduced their stakes in LAZR. Exchange Traded Concepts LLC grew its holdings in shares of Luminar Technologies by 100.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock valued at $17,225,000 after acquiring an additional 2,561,252 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Luminar Technologies by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock worth $86,627,000 after purchasing an additional 1,671,708 shares in the last quarter. Boulder Hill Capital Management LP bought a new stake in Luminar Technologies in the first quarter worth $1,375,000. Raymond James & Associates boosted its holdings in Luminar Technologies by 39.3% in the fourth quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock worth $3,353,000 after purchasing an additional 280,775 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Luminar Technologies by 48.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 714,135 shares of the company’s stock worth $2,407,000 after purchasing an additional 232,024 shares in the last quarter. 30.99% of the stock is owned by institutional investors and hedge funds.

About Luminar Technologies

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.