Craig Hallum Lowers Luminar Technologies (NASDAQ:LAZR) Price Target to $1.00

Luminar Technologies (NASDAQ:LAZR) had its price target lowered by equities researchers at Craig Hallum from $1.50 to $1.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the stock. Craig Hallum’s price objective indicates a potential downside of 4.76% from the stock’s current price.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. lowered their price target on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Monday, August 19th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $2.00 price target on shares of Luminar Technologies in a report on Wednesday, October 2nd. Citigroup reduced their price objective on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $1.00 price objective on shares of Luminar Technologies in a research report on Tuesday, September 10th. Finally, Westpark Capital restated a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.40.

Luminar Technologies Stock Performance

Shares of LAZR opened at $1.05 on Tuesday. The stock’s 50-day simple moving average is $0.85 and its 200 day simple moving average is $1.25. The stock has a market capitalization of $518.45 million, a price-to-earnings ratio of -1.20 and a beta of 1.61. Luminar Technologies has a 52-week low of $0.73 and a 52-week high of $3.69.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings results on Monday, November 11th. The company reported ($0.16) earnings per share 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 analysts’ expectations of $17.70 million. During the same period in the previous year, the business earned ($0.33) EPS. The business’s revenue was down 8.6% on a year-over-year basis. On average, research analysts forecast that Luminar Technologies will post -0.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Optas LLC purchased a new position in shares of Luminar Technologies in the 2nd quarter valued at approximately $26,000. Invst LLC purchased a new position in shares of Luminar Technologies in the 2nd quarter valued at approximately $28,000. Tyler Stone Wealth Management lifted its stake 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 valued at $33,000 after purchasing an additional 15,300 shares during the period. Evergreen Wealth Solutions LLC purchased a new position in shares of Luminar Technologies in the 1st quarter valued at approximately $39,000. Finally, 180 Wealth Advisors LLC lifted its stake in shares of Luminar Technologies by 27.0% in the 2nd quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company’s stock valued at $39,000 after purchasing an additional 5,592 shares during the period. Hedge funds and other institutional investors own 30.99% of the company’s stock.

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.