State Street Corp Purchases 225,223 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

State Street Corp lifted its stake in Luminar Technologies, Inc. (NASDAQ:LAZR) by 2.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,525,374 shares of the company’s stock after purchasing an additional 225,223 shares during the period. State Street Corp owned about 1.73% of Luminar Technologies worth $7,670,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in LAZR. SG Americas Securities LLC increased its holdings in shares of Luminar Technologies by 5,037.2% in the 3rd quarter. SG Americas Securities LLC now owns 576,547 shares of the company’s stock valued at $519,000 after acquiring an additional 565,324 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Luminar Technologies by 16.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock worth $2,691,000 after buying an additional 425,335 shares during the period. Blair William & Co. IL lifted its position in Luminar Technologies by 51.7% during the 2nd quarter. Blair William & Co. IL now owns 605,735 shares of the company’s stock worth $903,000 after acquiring an additional 206,512 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Luminar Technologies in the third quarter valued at approximately $141,000. Finally, Caz Investments LP boosted its holdings in shares of Luminar Technologies by 100.0% in the 3rd quarter. Caz Investments LP now owns 300,000 shares of the company’s stock valued at $270,000 after acquiring an additional 150,000 shares during the last quarter. 30.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

LAZR has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 target price on shares of Luminar Technologies in a report on Tuesday, September 10th. The Goldman Sachs Group decreased their price target on shares of Luminar Technologies from $11.25 to $7.50 and set a “sell” rating on the stock in a research note on Thursday, November 14th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $30.00 target price on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Finally, Craig Hallum reduced their price target on Luminar Technologies from $22.50 to $15.00 and set a “hold” rating on the stock in a report on Tuesday, November 12th. Two equities 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $50.06.

Luminar Technologies Stock Performance

Luminar Technologies stock opened at $5.84 on Friday. The firm’s 50-day moving average is $10.02 and its 200-day moving average is $15.15. Luminar Technologies, Inc. has a 1 year low of $4.93 and a 1 year high of $55.27. The company has a market cap of $194.55 million, a P/E ratio of -0.44 and a beta of 1.54.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings data on Monday, November 11th. The company reported ($2.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.30) by $0.90. The company had revenue of $15.49 million during the quarter, compared to the consensus estimate of $17.70 million. During the same quarter last year, the business earned ($4.95) earnings per share. The company’s revenue was down 8.6% on a year-over-year basis. As a group, sell-side analysts predict that Luminar Technologies, Inc. will post -14.2 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.