Sei Investments Co. Acquires 20,383 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

Sei Investments Co. lifted its holdings in Luminar Technologies, Inc. (NASDAQ:LAZR) by 163.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,887 shares of the company’s stock after acquiring an additional 20,383 shares during the period. Sei Investments Co.’s holdings in Luminar Technologies were worth $49,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LAZR. Vanguard Group Inc. boosted its stake in Luminar Technologies by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock valued at $86,627,000 after buying an additional 1,671,708 shares during the last quarter. Boulder Hill Capital Management LP bought a new position in Luminar Technologies during the first quarter valued at approximately $1,375,000. Baader Bank Aktiengesellschaft bought a new position in Luminar Technologies during the second quarter valued at approximately $604,000. Blair William & Co. IL boosted its stake in Luminar Technologies by 51.7% during the second quarter. Blair William & Co. IL now owns 605,735 shares of the company’s stock valued at $903,000 after buying an additional 206,512 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new position in Luminar Technologies during the first quarter valued at approximately $314,000. 30.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

LAZR has been the subject of a number of research reports. Rosenblatt Securities reissued a “neutral” rating and set a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Westpark Capital reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Luminar Technologies in a research note on Tuesday, August 6th. Citigroup lowered their price objective on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.00 price objective on shares of Luminar Technologies in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. lowered their price objective on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Monday, August 19th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $3.74.

Luminar Technologies Stock Performance

Shares of NASDAQ LAZR opened at $0.87 on Friday. The business’s 50 day moving average price is $0.92 and its 200-day moving average price is $1.37. Luminar Technologies, Inc. has a fifty-two week low of $0.73 and a fifty-two week high of $4.29. The company has a market cap of $429.23 million, a price-to-earnings ratio of -0.67 and a beta of 1.60.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.04. The business had revenue of $16.50 million during the quarter, compared to analysts’ expectations of $20.36 million. During the same quarter in the previous year, the company posted ($0.37) earnings per share. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. Sell-side analysts predict that Luminar Technologies, Inc. will post -0.97 earnings per share for the current year.

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.