Luminar Technologies (NASDAQ:LAZR) Stock Price Up 6.5%

Luminar Technologies, Inc. (NASDAQ:LAZR)’s share price rose 6.5% on Thursday . The stock traded as high as $1.97 and last traded at $1.90. Approximately 5,628,147 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 7,715,892 shares. The stock had previously closed at $1.78.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Bank of America reduced their price objective on Luminar Technologies from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Thursday, February 29th. The Goldman Sachs Group dropped their target price 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. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $8.00 target price (down previously from $20.00) on shares of Luminar Technologies in a research report on Tuesday. Rosenblatt Securities dropped their target price on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 28th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $4.00 target price (down previously from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Luminar Technologies presently has a consensus rating of “Hold” and a consensus target price of $7.38.

Luminar Technologies Trading Up 10.7 %

The company has a market cap of $831.12 million, a PE ratio of -1.34 and a beta of 1.51. The business has a 50 day simple moving average of $2.34 and a two-hundred day simple moving average of $3.08.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The business had revenue of $22.11 million during the quarter, compared to the consensus estimate of $27.25 million. On average, equities research analysts expect that Luminar Technologies, Inc. will post -1.03 earnings per share for the current fiscal year.

Institutional Trading of Luminar Technologies

Large investors have recently added to or reduced their stakes in the stock. Raymond James & Associates increased its holdings in Luminar Technologies by 195.9% in the 3rd quarter. Raymond James & Associates now owns 714,128 shares of the company’s stock valued at $3,249,000 after purchasing an additional 472,778 shares in the last quarter. Blair William & Co. IL increased its holdings in Luminar Technologies by 56.9% in the 3rd 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 in the last quarter. Rafferty Asset Management LLC grew its stake in shares of Luminar Technologies by 19.3% during the third quarter. Rafferty Asset Management LLC now owns 172,755 shares of the company’s stock valued at $786,000 after acquiring an additional 27,985 shares in the last quarter. Swiss National Bank grew its stake in shares of Luminar Technologies by 10.2% during the third quarter. Swiss National Bank now owns 555,100 shares of the company’s stock valued at $2,526,000 after acquiring an additional 51,400 shares in the last quarter. Finally, EP Wealth Advisors LLC grew its stake in shares of Luminar Technologies by 609.6% during the third quarter. EP Wealth Advisors LLC now owns 102,355 shares of the company’s stock valued at $466,000 after acquiring an additional 87,930 shares in the last quarter. 30.99% of the stock is currently owned by institutional investors and hedge funds.

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.