Luminar Technologies, Inc. (NASDAQ:LAZR) Holdings Cut by Bank of Montreal Can

Bank of Montreal Can cut its stake in shares of Luminar Technologies, Inc. (NASDAQ:LAZR) by 14.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 439,149 shares of the company’s stock after selling 75,724 shares during the quarter. Bank of Montreal Can owned approximately 0.10% of Luminar Technologies worth $672,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Caz Investments LP lifted its position in Luminar Technologies by 200.0% in the 4th quarter. Caz Investments LP now owns 120,000 shares of the company’s stock valued at $404,000 after purchasing an additional 80,000 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Luminar Technologies by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock worth $86,627,000 after buying an additional 1,671,708 shares during the period. Leo Wealth LLC bought a new position in Luminar Technologies in the 4th quarter worth approximately $43,000. Quadrature Capital Ltd acquired a new stake in Luminar Technologies in the 4th quarter valued at approximately $67,000. Finally, Global Assets Advisory LLC raised its stake in Luminar Technologies by 110.0% during the 1st quarter. Global Assets Advisory LLC now owns 42,000 shares of the company’s stock valued at $83,000 after acquiring an additional 22,000 shares in the last quarter. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Westpark Capital reissued a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a research note on Tuesday, August 6th. JPMorgan Chase & Co. decreased their target price on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a research report 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 report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $1.00 price objective on shares of Luminar Technologies in a report on Tuesday, September 10th. Finally, The Goldman Sachs Group dropped their target price on Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the stock in a report 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 assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $3.74.

Luminar Technologies Price Performance

NASDAQ LAZR opened at $0.83 on Wednesday. Luminar Technologies, Inc. has a 12 month low of $0.73 and a 12 month high of $4.47. The company has a market capitalization of $369.24 million, a P/E ratio of -0.63 and a beta of 1.60. The company’s 50 day simple moving average is $0.98 and its 200 day simple moving average is $1.39.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.04. The company had revenue of $16.50 million during the quarter, compared to the consensus estimate of $20.36 million. During the same period in the prior year, the company posted ($0.37) EPS. Luminar Technologies’s quarterly revenue was up 1.9% on a year-over-year basis. On average, analysts anticipate 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.