Luminar Technologies, Inc. (NASDAQ:LAZR) Receives $4.37 Consensus Price Target from Analysts

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) has earned an average recommendation of "Hold" from the six brokerages that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $4.37.

Several research analysts recently weighed in on LAZR shares. The Goldman Sachs Group dropped their price objective on shares of Luminar Technologies from $1.50 to $1.00 and set a "sell" rating for the company in a research report on Thursday. Bank of America restated an "underperform" rating and issued a $1.20 price objective (down previously from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. JPMorgan Chase & Co. restated an "overweight" rating and issued a $8.00 price objective (down previously from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Finally, Citigroup lowered their target price on shares of Luminar Technologies from $11.00 to $9.00 and set a "buy" rating for the company in a report on Thursday, May 9th.

Luminar Technologies Stock Performance

Shares of NASDAQ:LAZR traded up $0.18 during midday trading on Friday, hitting $1.92. The company's stock had a trading volume of 11,329,199 shares, compared to its average volume of 8,143,635. The stock has a market capitalization of $853.36 million, a price-to-earnings ratio of -1.40 and a beta of 1.62. Luminar Technologies has a fifty-two week low of $1.21 and a fifty-two week high of $8.32. The stock's 50 day simple moving average is $1.57 and its 200 day simple moving average is $2.03.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last posted its earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.30). The firm had revenue of $20.97 million during the quarter, compared to the consensus estimate of $22.09 million. As a group, analysts anticipate that Luminar Technologies will post -1 EPS for the current year.

Hedge Funds Weigh In On Luminar Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Howard Financial Services LTD. grew its holdings in shares of Luminar Technologies by 16.9% in the 2nd quarter. Howard Financial Services LTD. now owns 58,425 shares of the company's stock valued at $87,000 after buying an additional 8,425 shares during the period. Virtu Financial LLC acquired a new position in Luminar Technologies in the 1st quarter worth $163,000. Evergreen Wealth Solutions LLC acquired a new position in Luminar Technologies in the 1st quarter worth $39,000. Price T Rowe Associates Inc. MD boosted its stake in Luminar Technologies by 30.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 149,030 shares of the company's stock worth $294,000 after purchasing an additional 34,566 shares during the period. Finally, Caz Investments LP boosted its stake in Luminar Technologies by 25.0% in the 1st quarter. Caz Investments LP now owns 150,000 shares of the company's stock worth $296,000 after purchasing an additional 30,000 shares during the period. Institutional investors and hedge funds 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.