Luminar Technologies, Inc. (NASDAQ:LAZR) Sees Large Increase in Short Interest

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 110,860,000 shares, a growth of 14.0% from the September 30th total of 97,230,000 shares. Based on an average trading volume of 25,190,000 shares, the short-interest ratio is currently 4.4 days.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $1.00 target price on shares of Luminar Technologies in a research report on Tuesday, September 10th. Citigroup cut their price target on shares of Luminar Technologies from $9.00 to $6.00 and set a "buy" rating on the stock in a report on Friday, August 16th. The Goldman Sachs Group cut their price target on shares of Luminar Technologies from $1.50 to $1.00 and set a "sell" rating on the stock in a report on Thursday, July 11th. Rosenblatt Securities reissued a "neutral" rating and set a $2.00 target price on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Finally, Westpark Capital reissued a "buy" rating and set a $9.00 target price on shares of Luminar Technologies in a research note on Tuesday, August 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Luminar Technologies presently has a consensus rating of "Hold" and an average price target of $3.74.

Luminar Technologies Price Performance

Shares of NASDAQ:LAZR traded down $0.04 during midday trading on Tuesday, hitting $0.89. 40,791,830 shares of the company's stock were exchanged, compared to its average volume of 14,012,754. The stock has a 50 day moving average price of $0.88 and a 200-day moving average price of $1.28. The company has a market cap of $439.94 million, a PE ratio of -0.69 and a beta of 1.60. Luminar Technologies has a 12 month low of $0.73 and a 12 month high of $3.99.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.04. The firm had revenue of $16.50 million for the quarter, compared to analysts' expectations of $20.36 million. During the same quarter last year, the firm posted ($0.37) earnings per share. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. On average, analysts anticipate that Luminar Technologies will post -0.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Luminar Technologies by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company's stock valued at $86,627,000 after purchasing an additional 1,671,708 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Luminar Technologies in the first quarter valued at approximately $214,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Luminar Technologies by 0.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,865,578 shares of the company's stock valued at $3,675,000 after purchasing an additional 14,604 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Luminar Technologies by 30.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 149,030 shares of the company's stock valued at $294,000 after purchasing an additional 34,566 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Luminar Technologies by 23.7% in the first quarter. Principal Financial Group Inc. now owns 39,157 shares of the company's stock valued at $77,000 after purchasing an additional 7,510 shares during the period. 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.

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