Geode Capital Management LLC Decreases Stock Position in Luminar Technologies, Inc. (NASDAQ:LAZR)

Geode Capital Management LLC reduced its position in Luminar Technologies, Inc. (NASDAQ:LAZR - Free Report) by 93.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 591,861 shares of the company's stock after selling 8,183,073 shares during the quarter. Geode Capital Management LLC owned approximately 1.78% of Luminar Technologies worth $3,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of LAZR. DnB Asset Management AS bought a new stake in Luminar Technologies during the fourth quarter valued at $91,000. Entropy Technologies LP bought a new stake in Luminar Technologies during the fourth quarter valued at $97,000. Stifel Financial Corp boosted its stake in Luminar Technologies by 118.5% during the third quarter. Stifel Financial Corp now owns 141,005 shares of the company's stock valued at $127,000 after buying an additional 76,470 shares during the period. SBI Securities Co. Ltd. bought a new stake in Luminar Technologies during the fourth quarter valued at $155,000. Finally, Virtu Financial LLC bought a new stake in Luminar Technologies during the third quarter valued at $316,000. 30.99% of the stock is owned by hedge funds and other institutional investors.

Luminar Technologies Stock Performance

Shares of Luminar Technologies stock opened at $3.82 on Tuesday. Luminar Technologies, Inc. has a 52-week low of $3.30 and a 52-week high of $34.80. The stock has a market capitalization of $161.93 million, a price-to-earnings ratio of -0.29 and a beta of 1.86. The company's 50 day moving average price is $5.09 and its 200-day moving average price is $7.40.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group reduced their price target on shares of Luminar Technologies from $3.50 to $2.00 and set a "sell" rating on the stock in a research report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $53.86.

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.

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