ProShare Advisors LLC Reduces Stock Position in Luminar Technologies, Inc. (NASDAQ:LAZR)

ProShare Advisors LLC trimmed its holdings in Luminar Technologies, Inc. (NASDAQ:LAZR) by 25.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 39,005 shares of the company’s stock after selling 13,316 shares during the period. ProShare Advisors LLC’s holdings in Luminar Technologies were worth $58,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in LAZR. Caz Investments LP grew its position in Luminar Technologies by 200.0% in the fourth quarter. Caz Investments LP now owns 120,000 shares of the company’s stock worth $404,000 after acquiring an additional 80,000 shares during the period. Vanguard Group Inc. grew its position 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 acquiring an additional 1,671,708 shares during the period. Leo Wealth LLC purchased a new position in Luminar Technologies in the fourth quarter worth approximately $43,000. Quadrature Capital Ltd purchased a new position in Luminar Technologies in the fourth quarter worth approximately $67,000. Finally, Global Assets Advisory LLC grew its position in Luminar Technologies by 110.0% in the first quarter. Global Assets Advisory LLC now owns 42,000 shares of the company’s stock worth $83,000 after acquiring an additional 22,000 shares during the period. 30.99% of the stock is currently owned by hedge funds and other institutional investors.

Luminar Technologies Trading Up 0.9 %

Shares of NASDAQ LAZR opened at $0.89 on Tuesday. The stock has a market cap of $398.79 million, a P/E ratio of -0.70 and a beta of 1.60. Luminar Technologies, Inc. has a 12-month low of $0.73 and a 12-month high of $4.47. The business’s fifty day simple moving average is $0.99 and its 200-day simple moving average is $1.40.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. The business had revenue of $16.50 million during the quarter, compared to analyst estimates of $20.36 million. During the same quarter in the prior year, the business earned ($0.37) earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, equities analysts forecast that Luminar Technologies, Inc. will post -0.97 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Westpark Capital restated a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a research note on Tuesday, August 6th. Citigroup decreased their price target on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. JPMorgan Chase & Co. decreased their price target on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Monday, August 19th. Rosenblatt Securities restated a “neutral” rating and set a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Finally, The Goldman Sachs Group decreased their price target on Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the stock in a research note on Thursday, July 11th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Luminar Technologies has a consensus rating of “Hold” and a consensus price target of $3.74.

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.