Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.46

Luminar Technologies, Inc. (NASDAQ:LAZR) shares gapped up prior to trading on Wednesday . The stock had previously closed at $1.46, but opened at $1.56. Luminar Technologies shares last traded at $1.50, with a volume of 2,154,784 shares changing hands.

Wall Street Analyst Weigh In

LAZR has been the subject of a number of recent analyst reports. The Goldman Sachs Group cut their price objective on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a research report on Thursday, February 29th. Rosenblatt Securities reduced their price objective on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, February 28th. Bank of America reiterated an “underperform” rating and issued a $1.20 target price (down previously from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $4.00 price target (down previously from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $8.00 price objective (down from $20.00) on shares of Luminar Technologies in a report 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 MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.09.

Luminar Technologies Stock Down 4.1 %

The company has a fifty day simple moving average of $1.94 and a 200-day simple moving average of $2.67.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC lifted its stake in shares of Luminar Technologies by 100.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock valued at $17,225,000 after purchasing an additional 2,561,252 shares during the last quarter. Vanguard Group Inc. boosted its stake in Luminar Technologies by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock worth $86,627,000 after buying an additional 1,671,708 shares during the period. Raymond James & Associates increased its position in shares of Luminar Technologies by 195.9% during the third quarter. Raymond James & Associates now owns 714,128 shares of the company’s stock valued at $3,249,000 after acquiring an additional 472,778 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Luminar Technologies by 48.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 714,135 shares of the company’s stock valued at $2,407,000 after acquiring an additional 232,024 shares during the period. Finally, Blair William & Co. IL lifted its holdings in shares of Luminar Technologies by 56.9% in the 3rd quarter. Blair William & Co. IL now owns 612,249 shares of the company’s stock worth $2,786,000 after acquiring an additional 221,929 shares during the last quarter. 30.99% of the stock is currently owned by hedge funds and other institutional investors.

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.