Luminar Technologies (NASDAQ:LAZR) Shares Gap Down After Analyst Downgrade

Luminar Technologies, Inc. (NASDAQ:LAZR) gapped down prior to trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $0.75 to $0.50. The stock had previously closed at $1.03, but opened at $1.00. The Goldman Sachs Group currently has a sell rating on the stock. Luminar Technologies shares last traded at $1.02, with a volume of 1,847,141 shares traded.

Several other equities research analysts have also recently commented on the company. Citigroup dropped 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. Rosenblatt Securities reiterated a “neutral” rating and issued a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Monday, August 19th. Craig Hallum dropped their target price on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $1.00 target price on shares of Luminar Technologies in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Luminar Technologies presently has an average rating of “Hold” and a consensus price target of $3.34.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Luminar Technologies by 5.1% during the first quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock valued at $53,239,000 after purchasing an additional 1,319,480 shares in the last quarter. Boulder Hill Capital Management LP bought a new stake in shares of Luminar Technologies during the 1st quarter valued at $1,375,000. Barclays PLC lifted its stake in shares of Luminar Technologies by 469.2% during the 3rd quarter. Barclays PLC now owns 842,288 shares of the company’s stock valued at $757,000 after buying an additional 694,315 shares in the last quarter. XTX Topco Ltd boosted its holdings in Luminar Technologies by 819.6% in the 3rd quarter. XTX Topco Ltd now owns 649,175 shares of the company’s stock worth $584,000 after buying an additional 578,582 shares during the period. Finally, SG Americas Securities LLC increased its stake in Luminar Technologies by 5,037.2% in the 3rd quarter. SG Americas Securities LLC now owns 576,547 shares of the company’s stock worth $519,000 after buying an additional 565,324 shares in the last quarter. 30.99% of the stock is owned by hedge funds and other institutional investors.

Luminar Technologies Stock Down 4.9 %

The firm has a market capitalization of $483.88 million, a P/E ratio of -1.10 and a beta of 1.61. The stock has a fifty day simple moving average of $0.86 and a 200 day simple moving average of $1.24.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Monday, November 11th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates 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 prior year, the firm posted ($0.33) earnings per share. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. Research analysts anticipate that Luminar Technologies, Inc. will post -0.97 earnings per share for the current fiscal 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.