Luminar Technologies, Inc. (NASDAQ:LAZR) Receives Average Rating of “Hold” from Analysts

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) have been given an average recommendation of “Hold” by the seven research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $4.17.

Several equities research analysts recently issued reports on LAZR shares. JPMorgan Chase & Co. cut their price objective 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. Westpark Capital restated a “buy” rating and set a $9.00 price objective on shares of Luminar Technologies in a research report on Tuesday, August 6th. Rosenblatt Securities cut their price objective on shares of Luminar Technologies from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. The Goldman Sachs Group cut their price objective on shares of Luminar Technologies from $1.50 to $1.00 and set a “sell” rating for the company in a research report on Thursday, July 11th. Finally, Citigroup cut their price objective on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, August 16th.

Luminar Technologies Stock Down 11.6 %

LAZR opened at $0.80 on Friday. The company has a market cap of $356.50 million, a price-to-earnings ratio of -0.58 and a beta of 1.61. Luminar Technologies has a 52-week low of $0.79 and a 52-week high of $5.48. The firm’s fifty day simple moving average is $1.33 and its two-hundred day simple moving average is $1.58.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.04. The business had revenue of $16.50 million during the quarter, compared to analysts’ expectations of $20.36 million. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.37) earnings per share. On average, research analysts forecast that Luminar Technologies will post -1 EPS for the current year.

Institutional Investors Weigh In On Luminar Technologies

A number of institutional investors have recently made changes to their positions in LAZR. Handelsbanken Fonder AB increased its position in shares of Luminar Technologies by 16.4% during the fourth quarter. Handelsbanken Fonder AB now owns 58,200 shares of the company’s stock valued at $196,000 after acquiring an additional 8,200 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Luminar Technologies by 8.0% in the fourth quarter. New York State Common Retirement Fund now owns 112,792 shares of the company’s stock valued at $380,000 after purchasing an additional 8,393 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Luminar Technologies by 27.9% in the fourth quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock valued at $117,000 after purchasing an additional 7,564 shares in the last quarter. Malaga Cove Capital LLC grew its holdings in shares of Luminar Technologies by 60.6% in the fourth quarter. Malaga Cove Capital LLC now owns 126,284 shares of the company’s stock valued at $426,000 after purchasing an additional 47,673 shares in the last quarter. Finally, Jump Financial LLC grew its holdings in shares of Luminar Technologies by 85.2% in the fourth quarter. Jump Financial LLC now owns 127,500 shares of the company’s stock valued at $430,000 after purchasing an additional 58,652 shares in the last quarter. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Luminar Technologies Company Profile

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.