Luminar Technologies, Inc. (NASDAQ:LAZR) Short Interest Up 15.7% in November

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) was the target of a large growth in short interest during the month of November. As of November 30th, there was short interest totalling 7,740,000 shares, a growth of 15.7% from the November 15th total of 6,690,000 shares. Approximately 30.2% of the company's shares are short sold. Based on an average trading volume of 2,520,000 shares, the days-to-cover ratio is currently 3.1 days.

Luminar Technologies Stock Performance

Shares of LAZR traded down $0.51 during mid-day trading on Friday, hitting $6.42. 2,643,162 shares of the company's stock were exchanged, compared to its average volume of 1,172,501. The stock's 50-day moving average is $11.47 and its 200-day moving average is $16.33. Luminar Technologies has a fifty-two week low of $6.34 and a fifty-two week high of $55.35. The company has a market cap of $213.87 million, a price-to-earnings ratio of -0.48 and a beta of 1.53.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last announced its earnings results on Monday, November 11th. The company reported ($2.40) earnings per share for the quarter, topping the consensus estimate of ($3.30) by $0.90. The business had revenue of $15.49 million for the quarter, compared to analysts' expectations of $17.70 million. Luminar Technologies's quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the company earned ($4.95) earnings per share. As a group, equities research analysts anticipate that Luminar Technologies will post -14.2 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on LAZR shares. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $30.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $15.00 price objective on shares of Luminar Technologies in a report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their target price on shares of Luminar Technologies from $120.00 to $90.00 and set an "overweight" rating for the company in a research note on Monday, August 19th. Craig Hallum dropped their price target on shares of Luminar Technologies from $22.50 to $15.00 and set a "hold" rating for the company in a research report on Tuesday, November 12th. Finally, The Goldman Sachs Group decreased their price objective on shares of Luminar Technologies from $11.25 to $7.50 and set a "sell" rating on the stock in a report on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, Luminar Technologies has an average rating of "Hold" and a consensus price target of $50.06.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC purchased a new stake in Luminar Technologies during the 3rd quarter worth about $316,000. Barclays PLC increased its stake in shares of Luminar Technologies by 469.2% during the third quarter. Barclays PLC now owns 842,288 shares of the company's stock worth $757,000 after buying an additional 694,315 shares during the period. Geode Capital Management LLC raised its holdings in Luminar Technologies by 17.9% in the third quarter. Geode Capital Management LLC now owns 8,774,934 shares of the company's stock valued at $7,896,000 after acquiring an additional 1,331,067 shares in the last quarter. LRI Investments LLC raised its holdings in Luminar Technologies by 32,352.8% in the third quarter. LRI Investments LLC now owns 162,264 shares of the company's stock valued at $146,000 after acquiring an additional 161,764 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in Luminar Technologies in the third quarter worth approximately $457,000. 30.99% of the stock is currently owned by hedge funds and other institutional investors.

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.