Luminar Technologies (NASDAQ:LAZR) Price Target Cut to $0.50 by Analysts at The Goldman Sachs Group

Luminar Technologies (NASDAQ:LAZR) had its price target cut by The Goldman Sachs Group from $0.75 to $0.50 in a research note published on Thursday morning,Benzinga reports. They currently have a sell rating on the stock.

A number of other brokerages have also commented on LAZR. JPMorgan Chase & Co. decreased their price objective on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Monday, August 19th. Citigroup lowered their price objective on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Craig Hallum cut their target price on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a research report on Tuesday, November 12th. Westpark Capital reaffirmed a “buy” rating and issued a $9.00 target price on shares of Luminar Technologies in a research note on Tuesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.00 price target on shares of Luminar Technologies in a research note on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Luminar Technologies currently has an average rating of “Hold” and a consensus target price of $3.34.

Luminar Technologies Stock Down 4.9 %

Luminar Technologies stock opened at $0.98 on Thursday. The stock has a 50-day simple moving average of $0.86 and a 200 day simple moving average of $1.24. 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 12-month low of $0.73 and a 12-month high of $3.69.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings data on Monday, November 11th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.06. The company had revenue of $15.49 million during the quarter, compared to analyst estimates of $17.70 million. During the same quarter in the previous year, the business posted ($0.33) EPS. The company’s revenue was down 8.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Luminar Technologies will post -0.97 EPS for the current year.

Institutional Investors Weigh In On Luminar Technologies

Several large investors have recently modified their holdings of the business. PEAK6 Investments LLC bought a new stake in shares of Luminar Technologies during the third quarter worth $25,000. Optas LLC acquired a new stake in Luminar Technologies in the 2nd quarter valued at approximately $26,000. Invst LLC bought a new stake in Luminar Technologies in the 2nd quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Luminar Technologies during the 3rd quarter worth approximately $31,000. Finally, Tyler Stone Wealth Management grew its stake in shares of Luminar Technologies by 70.5% during the 3rd quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock worth $33,000 after acquiring an additional 15,300 shares in the last quarter. 30.99% of the stock is currently owned by institutional investors.

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.