Luminar Technologies Target of Unusually Large Options Trading (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) was the target of unusually large options trading on Tuesday. Stock investors acquired 16,125 call options on the company. This represents an increase of approximately 50% compared to the typical daily volume of 10,780 call options.

Institutional Investors Weigh In On Luminar Technologies

A number of large investors have recently bought and sold shares of LAZR. Optas LLC acquired a new stake in shares of Luminar Technologies in the 2nd quarter valued at about $26,000. Invst LLC bought a new stake in shares of Luminar Technologies during the second quarter valued at approximately $28,000. Evergreen Wealth Solutions LLC acquired a new position in shares of Luminar Technologies during the first quarter worth approximately $39,000. 180 Wealth Advisors LLC lifted its holdings in shares of Luminar Technologies by 27.0% in the 2nd quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company's stock worth $39,000 after purchasing an additional 5,592 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in Luminar Technologies in the 2nd quarter valued at $42,000. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Luminar Technologies Stock Down 12.8 %

Luminar Technologies stock traded down $0.12 during trading hours on Tuesday, reaching $0.81. 46,376,076 shares of the company's stock were exchanged, compared to its average volume of 10,442,593. The firm has a market capitalization of $360.51 million, a PE ratio of -0.60 and a beta of 1.61. The firm's 50 day simple moving average is $1.25 and its 200 day simple moving average is $1.51. Luminar Technologies has a twelve month low of $0.73 and a twelve month high of $5.20.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.04. The business had revenue of $16.50 million during the quarter, compared to analyst estimates of $20.36 million. Luminar Technologies's quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.37) earnings per share. Analysts anticipate that Luminar Technologies will post -1 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on LAZR. Citigroup dropped their target price on Luminar Technologies from $9.00 to $6.00 and set a "buy" rating for the company in a research report on Friday, August 16th. Westpark Capital reiterated a "buy" rating and issued a $9.00 price objective on shares of Luminar Technologies in a report on Tuesday, August 6th. JPMorgan Chase & Co. reduced their target price on shares of Luminar Technologies from $8.00 to $6.00 and set an "overweight" rating on the stock in a report on Monday, August 19th. The Goldman Sachs Group dropped their price target on shares of Luminar Technologies from $1.50 to $1.00 and set a "sell" rating for the company in a research note on Thursday, July 11th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $1.00 price objective on shares of Luminar Technologies in a research note on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Luminar Technologies presently has an average rating of "Hold" and a consensus target price of $3.74.

About Luminar Technologies

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.