Luminar Technologies (NASDAQ:LAZR) Shares Down 3.4%

Luminar Technologies, Inc. (NASDAQ:LAZR)’s share price was down 3.4% during trading on Wednesday . The stock traded as low as $1.28 and last traded at $1.29. Approximately 1,340,487 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 7,873,247 shares. The stock had previously closed at $1.33.

Analyst Ratings Changes

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

Luminar Technologies Stock Down 7.1 %

The stock has a fifty day moving average of $2.09 and a two-hundred day moving average of $2.78. The stock has a market cap of $521.03 million, a price-to-earnings ratio of -0.90 and a beta of 1.48.

Luminar Technologies (NASDAQ:LAZR) last issued its earnings results on Tuesday, February 27th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $22.11 million for the quarter, compared to the consensus estimate of $27.25 million. On average, research analysts expect that Luminar Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Raymond James & Associates grew its holdings in shares of Luminar Technologies by 39.3% in the 4th quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock worth $3,353,000 after acquiring an additional 280,775 shares during the period. Blair William & Co. IL grew its holdings in Luminar Technologies by 56.9% in the third quarter. Blair William & Co. IL now owns 612,249 shares of the company’s stock valued at $2,786,000 after purchasing an additional 221,929 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Luminar Technologies by 2.3% in the third quarter. Vanguard Group Inc. now owns 24,033,655 shares of the company’s stock valued at $109,353,000 after buying an additional 543,313 shares in the last quarter. Rafferty Asset Management LLC raised its stake in shares of Luminar Technologies by 19.3% during the 3rd quarter. Rafferty Asset Management LLC now owns 172,755 shares of the company’s stock worth $786,000 after buying an additional 27,985 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Luminar Technologies by 10.2% in the third quarter. Swiss National Bank now owns 555,100 shares of the company’s stock valued at $2,526,000 after purchasing an additional 51,400 shares in the last quarter. 30.99% of the stock is owned by hedge funds and other 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.