Luminar Technologies (NASDAQ:LAZR) Hits New 52-Week Low – What’s Next?

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) hit a new 52-week low during trading on Thursday . The company traded as low as $10.50 and last traded at $10.50, with a volume of 6694 shares traded. The stock had previously closed at $11.39.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $1.00 target price on shares of Luminar Technologies in a research report on Tuesday, September 10th. JPMorgan Chase & Co. dropped their price objective 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. The Goldman Sachs Group decreased their target price on Luminar Technologies from $0.75 to $0.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. Craig Hallum decreased their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a report on Tuesday, November 12th. Finally, Citigroup decreased their price objective on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, three 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 presently has a consensus rating of “Hold” and a consensus price target of $3.34.

Luminar Technologies Trading Down 17.6 %

The company has a market capitalization of $4.42 billion, a P/E ratio of -10.06 and a beta of 1.61. The stock has a 50 day moving average price of $1.23 and a 200 day moving average price of $1.34.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings results on Monday, November 11th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.06. The business had revenue of $15.49 million during the quarter, compared to analyst estimates of $17.70 million. During the same quarter last year, the company posted ($0.33) earnings per share. The company’s revenue was down 8.6% compared to the same quarter last year. On average, research analysts predict that Luminar Technologies, Inc. will post -0.97 EPS for the current year.

Hedge Funds Weigh In On Luminar Technologies

Hedge funds have recently made changes to their positions in the stock. PEAK6 Investments LLC bought a new position in shares of Luminar Technologies during the third quarter worth about $25,000. Optas LLC purchased a new position in shares of Luminar Technologies during the second quarter valued at approximately $26,000. Invst LLC purchased a new position in shares of Luminar Technologies during the second quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Luminar Technologies in the 3rd quarter valued at $31,000. Finally, Tyler Stone Wealth Management boosted its holdings in shares of Luminar Technologies by 70.5% in the 3rd quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock worth $33,000 after buying an additional 15,300 shares during the last quarter. 30.99% of the stock is currently owned by institutional investors.

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.