Luminar Technologies (NASDAQ:LAZR) Shares Gap Down to $1.34

Luminar Technologies, Inc. (NASDAQ:LAZR) gapped down prior to trading on Wednesday . The stock had previously closed at $1.34, but opened at $1.31. Luminar Technologies shares last traded at $1.38, with a volume of 1,108,303 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LAZR shares. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $8.00 price target (down from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Bank of America reiterated an “underperform” rating and issued a $1.20 target price (down from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. Citigroup decreased their price target on shares of 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 objective 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 research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $4.45.

Luminar Technologies Trading Up 3.2 %

The business’s fifty day moving average price is $1.55 and its 200-day moving average price is $2.14. The company has a market capitalization of $726.37 million, a P/E ratio of -1.19 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.30). The firm had revenue of $20.97 million during the quarter, compared to analysts’ expectations of $22.09 million. As a group, equities research analysts forecast that Luminar Technologies, Inc. will post -1 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Luminar Technologies by 5.1% during the first quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock valued at $53,239,000 after buying an additional 1,319,480 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in Luminar Technologies by 100.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock worth $17,225,000 after acquiring an additional 2,561,252 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Luminar Technologies by 6.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,030,290 shares of the company’s stock valued at $9,238,000 after buying an additional 126,075 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Luminar Technologies by 0.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,865,578 shares of the company’s stock worth $3,675,000 after acquiring an additional 14,604 shares during the period. Finally, Raymond James & Associates boosted its stake in Luminar Technologies by 39.3% in the 4th 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 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.