Luminar Technologies (NASDAQ:LAZR) Shares Gap Down on Analyst Downgrade

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) gapped down before the market opened on Friday after The Goldman Sachs Group lowered their price target on the stock from $0.75 to $0.50. The stock had previously closed at $1.03, but opened at $1.00. The Goldman Sachs Group currently has a sell rating on the stock. Luminar Technologies shares last traded at $1.02, with a volume of 1,847,141 shares changing hands.

Other equities analysts have also issued reports about the company. Westpark Capital reissued a "buy" rating and set a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Citigroup cut their price objective on Luminar Technologies from $9.00 to $6.00 and set a "buy" rating on the stock in a research note on Friday, August 16th. JPMorgan Chase & Co. decreased their target price on Luminar Technologies from $8.00 to $6.00 and set an "overweight" rating for the company in a research note on Monday, August 19th. Rosenblatt Securities reissued a "neutral" rating and set a $2.00 price target on shares of Luminar Technologies in a report on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $1.00 price target on shares of Luminar Technologies in a research report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $3.34.

Institutional Trading of Luminar Technologies

Institutional investors have recently made changes to their positions in the business. Optas LLC acquired a new position in Luminar Technologies during the 2nd quarter worth about $26,000. Invst LLC bought a new position in shares of Luminar Technologies in the 2nd quarter worth $28,000. Evergreen Wealth Solutions LLC acquired a new position in Luminar Technologies in the first quarter valued at about $39,000. 180 Wealth Advisors LLC boosted its holdings in Luminar Technologies by 27.0% during the second quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company's stock worth $39,000 after buying an additional 5,592 shares during the last quarter. Finally, PEAK6 Investments LLC acquired a new stake in shares of Luminar Technologies in the 3rd quarter valued at approximately $25,000. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Luminar Technologies Stock Down 4.9 %

The company's fifty day simple moving average is $0.86 and its two-hundred day simple moving average is $1.25. The company has a market capitalization of $483.88 million, a price-to-earnings ratio of -1.14 and a beta of 1.61.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last posted its quarterly earnings data on Monday, November 11th. The company reported ($0.16) EPS for the quarter, topping analysts' consensus estimates of ($0.22) by $0.06. The business had revenue of $15.49 million for the quarter, compared to analyst estimates of $17.70 million. The company's quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.33) earnings per share. Equities research analysts expect that Luminar Technologies, Inc. will post -0.97 earnings per share for the current year.

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.