Luminar Technologies (NASDAQ:LAZR) Given New $0.50 Price Target at The Goldman Sachs Group

Luminar Technologies (NASDAQ:LAZR) had its price target cut by analysts at The Goldman Sachs Group from $0.75 to $0.50 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “sell” rating on the stock. The Goldman Sachs Group’s target price points to a potential downside of 48.98% from the stock’s current price.

LAZR has been the subject of several other research reports. Citigroup cut their price target on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Westpark Capital reiterated a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. JPMorgan Chase & Co. cut their price objective on 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 reiterated a “neutral” rating and set a $2.00 target price on shares of Luminar Technologies in a report on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.00 price target on shares of Luminar Technologies in a report on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Luminar Technologies currently has an average rating of “Hold” and a consensus target price of $3.34.

Luminar Technologies Stock Down 4.9 %

Shares of NASDAQ LAZR opened at $0.98 on Thursday. The stock has a market capitalization of $483.88 million, a price-to-earnings ratio of -1.10 and a beta of 1.61. Luminar Technologies has a 52 week low of $0.73 and a 52 week high of $3.69. The firm has a 50-day moving average price of $0.86 and a 200 day moving average price of $1.24.

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, topping analysts’ consensus estimates of ($0.22) by $0.06. The firm had revenue of $15.49 million during the quarter, compared to analyst estimates of $17.70 million. During the same quarter in the prior year, the company earned ($0.33) EPS. The business’s revenue was down 8.6% on a year-over-year basis. Equities research analysts expect that Luminar Technologies will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC grew its holdings in Luminar Technologies by 16.0% in the 1st quarter. ProShare Advisors LLC now owns 52,321 shares of the company’s stock valued at $103,000 after buying an additional 7,222 shares during the period. Blair William & Co. IL boosted its position in shares of Luminar Technologies by 59.3% in the first quarter. Blair William & Co. IL now owns 399,223 shares of the company’s stock worth $786,000 after acquiring an additional 148,618 shares during the last quarter. Vanguard Group Inc. grew its holdings in Luminar Technologies by 5.1% in 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 during the period. American International Group Inc. increased its position in Luminar Technologies by 6.0% during the first quarter. American International Group Inc. now owns 143,517 shares of the company’s stock worth $283,000 after purchasing an additional 8,089 shares during the last quarter. Finally, Boulder Hill Capital Management LP purchased a new position in Luminar Technologies during the first quarter worth approximately $1,375,000. 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.