Luminar Technologies (NASDAQ:LAZR) Shares Down 3.4%

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price was down 3.4% during trading on Wednesday . The stock traded as low as $1.28 and last traded at $1.29. Approximately 1,340,487 shares were traded during trading, a decline of 83% from the average daily volume of 7,873,247 shares. The stock had previously closed at $1.33.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on LAZR. Rosenblatt Securities decreased their target price on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research note on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $4.00 price objective (down previously from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. Bank of America reissued an “underperform” rating and issued a $1.20 target price (down from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. The Goldman Sachs Group reduced their price target on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a report on Thursday, February 29th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.09.

Luminar Technologies Price Performance

The business’s 50 day moving average price is $2.09 and its 200 day moving average price is $2.78. The stock has a market capitalization of $521.03 million, a P/E ratio of -0.90 and a beta of 1.48.

Luminar Technologies (NASDAQ:LAZR) last announced its earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The business had revenue of $22.11 million for the quarter, compared to analyst estimates of $27.25 million. As a group, analysts forecast that Luminar Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in LAZR. Morgan Stanley grew its position in Luminar Technologies by 326.9% during the third quarter. Morgan Stanley now owns 6,102,415 shares of the company’s stock valued at $27,766,000 after buying an additional 4,672,831 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Luminar Technologies during the 1st quarter valued at $22,704,000. State Street Corp increased its stake in shares of Luminar Technologies by 189.4% in the 2nd quarter. State Street Corp now owns 4,570,495 shares of the company’s stock worth $27,103,000 after purchasing an additional 2,991,427 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Luminar Technologies by 100.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock worth $17,225,000 after purchasing an additional 2,561,252 shares during the period. Finally, Norges Bank bought a new position in Luminar Technologies in the 4th quarter worth $10,381,000. 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.