Luminar Technologies, Inc. (NASDAQ:LAZR) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) have earned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $3.74.

A number of analysts recently issued reports on LAZR shares. Rosenblatt Securities lowered their price target on Luminar Technologies from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their target price on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.00 price target on shares of Luminar Technologies in a report on Tuesday, September 10th. Westpark Capital reiterated a “buy” rating and set a $9.00 price objective on shares of Luminar Technologies in a research note on Tuesday, August 6th. Finally, The Goldman Sachs Group cut their price target on shares of Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the stock in a report on Thursday, July 11th.

Luminar Technologies Stock Performance

Shares of NASDAQ LAZR opened at $0.82 on Wednesday. The business’s 50 day moving average price is $1.04 and its 200-day moving average price is $1.42. Luminar Technologies has a fifty-two week low of $0.73 and a fifty-two week high of $4.57. The company has a market cap of $365.37 million, a price-to-earnings ratio of -0.60 and a beta of 1.61.

Luminar Technologies (NASDAQ:LAZR) last released its 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 for the quarter, compared to the consensus estimate of $20.36 million. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.37) earnings per share. Sell-side analysts predict that Luminar Technologies will post -0.97 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. 180 Wealth Advisors LLC increased its stake in shares of Luminar Technologies by 27.0% in the 2nd quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company’s stock valued at $39,000 after purchasing an additional 5,592 shares in the last quarter. ProShare Advisors LLC grew its stake 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 acquiring an additional 7,222 shares during the period. Principal Financial Group Inc. increased its holdings in Luminar Technologies by 23.7% in the 1st quarter. Principal Financial Group Inc. now owns 39,157 shares of the company’s stock worth $77,000 after acquiring an additional 7,510 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Luminar Technologies by 27.9% in the 4th quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock worth $117,000 after acquiring an additional 7,564 shares in the last quarter. Finally, American International Group Inc. raised 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 acquiring an additional 8,089 shares during the period. Hedge funds and other institutional investors own 30.99% of the company’s stock.

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.