Luminar Technologies (NASDAQ:LAZR) Trading Down 4.2%

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report)'s share price fell 4.2% during trading on Thursday . The stock traded as low as $1.48 and last traded at $1.50. 1,253,279 shares were traded during mid-day trading, a decline of 85% from the average session volume of 8,437,721 shares. The stock had previously closed at $1.56.

Wall Street Analyst Weigh In

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

Luminar Technologies Trading Down 7.1 %

The business has a 50-day moving average price of $1.63 and a 200-day moving average price of $2.25. The firm has a market cap of $646.15 million, a P/E ratio of -1.06 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.30). The company had revenue of $20.97 million for the quarter, compared to the consensus estimate of $22.09 million. On average, equities analysts anticipate that Luminar Technologies, Inc. will post -0.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its stake in Luminar Technologies by 10.6% in the third quarter. Arizona State Retirement System now owns 71,898 shares of the company's stock valued at $327,000 after buying an additional 6,916 shares during the last quarter. ProShare Advisors LLC raised its stake in Luminar Technologies by 16.0% in 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 raised its stake in Luminar Technologies by 71.8% in 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. raised its stake in 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 buying an additional 7,510 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Luminar Technologies by 27.9% in 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. Institutional investors 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.