Luminar Technologies (NASDAQ:LAZR) Shares Up 8.4%

Luminar Technologies, Inc. (NASDAQ:LAZR) shares rose 8.4% during trading on Tuesday . The stock traded as high as $1.41 and last traded at $1.41. Approximately 2,189,098 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 7,811,907 shares. The stock had previously closed at $1.30.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on LAZR. Bank of America restated an “underperform” rating and set a $1.20 price objective (down from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. Rosenblatt Securities dropped their price objective on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research note on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $4.00 target price (down previously from $11.00) on shares of Luminar Technologies in a research note on Wednesday, January 17th. The Goldman Sachs Group dropped their price target on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a research note on Thursday, February 29th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $8.00 price objective (down 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 company. According to MarketBeat.com, Luminar Technologies has a consensus rating of “Hold” and a consensus target price of $7.09.

Luminar Technologies Stock Performance

The company has a market cap of $577.99 million, a P/E ratio of -0.93 and a beta of 1.48. The business’s fifty day moving average is $1.89 and its two-hundred day moving average is $2.66.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The firm had revenue of $22.11 million for the quarter, compared to analysts’ expectations of $27.25 million. Analysts expect that Luminar Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Trading of Luminar Technologies

A number of hedge funds have recently added to or reduced their stakes in LAZR. Exchange Traded Concepts LLC boosted its position in Luminar Technologies by 100.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock valued at $17,225,000 after acquiring an additional 2,561,252 shares in the last quarter. Vanguard Group Inc. boosted its position in Luminar Technologies by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock valued at $86,627,000 after purchasing an additional 1,671,708 shares in the last quarter. Raymond James & Associates raised its holdings in Luminar Technologies by 195.9% in the third quarter. Raymond James & Associates now owns 714,128 shares of the company’s stock worth $3,249,000 after purchasing an additional 472,778 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Luminar Technologies by 48.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 714,135 shares of the company’s stock worth $2,407,000 after purchasing an additional 232,024 shares in the last quarter. Finally, Blair William & Co. IL boosted its holdings in shares of 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 buying an additional 221,929 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.