Luminar Technologies (NASDAQ:LAZR) Shares Up 3.6%

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) shares traded up 3.6% during mid-day trading on Friday . The company traded as high as $1.44 and last traded at $1.44. 2,751,251 shares were traded during trading, a decline of 67% from the average session volume of 8,306,256 shares. The stock had previously closed at $1.39.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. reissued an "overweight" rating and issued a $8.00 price target (down from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Bank of America reissued an "underperform" rating and issued a $1.20 price target (down from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. Citigroup cut their price target on shares of Luminar Technologies from $11.00 to $9.00 and set a "buy" rating on the stock in a report on Thursday, May 9th. Rosenblatt Securities cut their price target on shares of Luminar Technologies from $5.00 to $3.00 and set a "neutral" rating on the stock in a report on Wednesday, February 28th. Finally, The Goldman Sachs Group cut their price target on shares of Luminar Technologies from $2.00 to $1.50 and set a "sell" rating on the stock in a report on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $4.45.

Luminar Technologies Stock Performance

The stock has a 50 day moving average of $1.56 and a 200-day moving average of $2.20. The firm has a market capitalization of $637.24 million, a P/E ratio of -1.04 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last announced its quarterly earnings data 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, sell-side analysts expect that Luminar Technologies, Inc. will post -0.99 EPS for the current year.

Hedge Funds Weigh In On Luminar Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. ProShare Advisors LLC boosted its position in shares of Luminar Technologies by 16.0% during the first quarter. ProShare Advisors LLC now owns 52,321 shares of the company's stock valued at $103,000 after buying an additional 7,222 shares during the last quarter. Tyler Stone Wealth Management boosted its position in shares of Luminar Technologies by 71.8% during the third quarter. Tyler Stone Wealth Management now owns 17,700 shares of the company's stock valued at $81,000 after buying an additional 7,400 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Luminar Technologies by 23.7% during the first quarter. Principal Financial Group Inc. now owns 39,157 shares of the company's stock valued at $77,000 after buying an additional 7,510 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Luminar Technologies by 27.9% during the fourth quarter. Victory Capital Management Inc. now owns 34,637 shares of the company's stock valued at $117,000 after buying an additional 7,564 shares during the last quarter. Finally, American International Group Inc. boosted its position in Luminar Technologies by 6.0% in the first quarter. American International Group Inc. now owns 143,517 shares of the company's stock worth $283,000 after purchasing an additional 8,089 shares during the last quarter. 30.99% of the stock is currently owned by 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.