Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.46

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $1.46, but opened at $1.56. Luminar Technologies shares last traded at $1.50, with a volume of 2,154,784 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Rosenblatt Securities reduced their price objective on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, February 28th. Bank of America reiterated an “underperform” rating and issued a $1.20 price target (down from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $8.00 price target (down from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. 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 report on Thursday, February 29th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $4.00 price target (down from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $6.39.

Luminar Technologies Price Performance

The firm has a market capitalization of $577.99 million, a price-to-earnings ratio of -0.93 and a beta of 1.48. The firm’s 50-day simple moving average is $1.89 and its 200 day simple moving average is $2.66.

Luminar Technologies (NASDAQ:LAZR) last posted its 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 for the quarter, compared to analysts’ expectations of $27.25 million. As a group, research analysts predict that Luminar Technologies, Inc. will post -1.01 earnings per share for the current year.

Institutional Trading of Luminar Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System grew its stake in shares of Luminar Technologies by 10.6% during the third quarter. Arizona State Retirement System now owns 71,898 shares of the company’s stock worth $327,000 after buying an additional 6,916 shares during the last quarter. Tyler Stone Wealth Management grew its stake in shares of Luminar Technologies by 71.8% during the third quarter. Tyler Stone Wealth Management now owns 17,700 shares of the company’s stock worth $81,000 after buying an additional 7,400 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Luminar Technologies by 27.9% during the fourth quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock worth $117,000 after buying an additional 7,564 shares during the last quarter. 180 Wealth Advisors LLC grew its stake in shares of Luminar Technologies by 65.1% in the first quarter. 180 Wealth Advisors LLC now owns 20,702 shares of the company’s stock worth $41,000 after purchasing an additional 8,161 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its stake in shares of Luminar Technologies by 16.4% in the fourth quarter. Handelsbanken Fonder AB now owns 58,200 shares of the company’s stock worth $196,000 after purchasing an additional 8,200 shares during the last quarter. Institutional investors own 30.99% of the company’s stock.

Luminar Technologies Company 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.