Luminar Technologies, Inc. (NASDAQ:LAZR) Shares Sold by Summit X LLC

Summit X LLC trimmed its stake in shares of Luminar Technologies, Inc. (NASDAQ:LAZR) by 91.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 19,828 shares of the company’s stock after selling 222,199 shares during the period. Summit X LLC’s holdings in Luminar Technologies were worth $107,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of LAZR. Wealth Enhancement Advisory Services LLC lifted its position in shares of Luminar Technologies by 30.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 54,452 shares of the company’s stock valued at $49,000 after acquiring an additional 12,685 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Luminar Technologies by 16.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock valued at $2,691,000 after acquiring an additional 425,335 shares during the period. Caz Investments LP lifted its position in shares of Luminar Technologies by 100.0% during the 3rd quarter. Caz Investments LP now owns 300,000 shares of the company’s stock valued at $270,000 after acquiring an additional 150,000 shares during the period. PEAK6 Investments LLC acquired a new stake in shares of Luminar Technologies during the 3rd quarter valued at approximately $25,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Luminar Technologies during the 3rd quarter worth approximately $31,000. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group dropped their price objective on shares of Luminar Technologies from $11.25 to $7.50 and set a “sell” rating for the company in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $50.06.

Luminar Technologies Price Performance

Shares of LAZR opened at $4.85 on Thursday. The firm has a 50 day simple moving average of $6.06 and a 200-day simple moving average of $9.41. Luminar Technologies, Inc. has a 1-year low of $4.47 and a 1-year high of $34.80. The stock has a market cap of $161.57 million, a price-to-earnings ratio of -0.36 and a beta of 1.74.

Luminar Technologies 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.