Luminar Technologies (NASDAQ:LAZR) Trading 8.4% Higher

Luminar Technologies, Inc. (NASDAQ:LAZR) shares traded up 8.4% during trading on Tuesday . The company traded as high as $1.41 and last traded at $1.41. 2,189,098 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 7,811,907 shares. The stock had previously closed at $1.30.

Analyst Ratings Changes

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

Luminar Technologies Stock Performance

The stock’s fifty day moving average price is $1.96 and its two-hundred day moving average price is $2.69. The company has a market cap of $622.29 million, a P/E ratio of -0.98 and a beta of 1.48.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly 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 firm had revenue of $22.11 million for the quarter, compared to the consensus estimate of $27.25 million. On average, equities research analysts forecast that Luminar Technologies, Inc. will post -1.01 EPS for the current year.

Hedge Funds Weigh In On Luminar Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. 180 Wealth Advisors LLC bought a new position in Luminar Technologies in the 3rd quarter valued at approximately $51,000. Vahanian & Associates Financial Planning Inc. bought a new position in Luminar Technologies in the 4th quarter valued at approximately $41,000. Leo Wealth LLC bought a new position in Luminar Technologies in the 4th quarter valued at approximately $43,000. Brave Asset Management Inc. bought a new position in Luminar Technologies in the 4th quarter valued at approximately $49,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in Luminar Technologies in the 4th quarter valued at approximately $55,000. 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.