Luminar Technologies (NASDAQ:LAZR) Trading Down 4.2%

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) were down 4.2% during mid-day trading on Thursday . The company traded as low as $1.38 and last traded at $1.38. Approximately 786,603 shares changed hands during trading, a decline of 90% from the average daily volume of 8,196,793 shares. The stock had previously closed at $1.44.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on LAZR shares. The Goldman Sachs Group lowered their target price 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. Citigroup decreased 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. JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Rosenblatt Securities decreased 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, Bank of America reaffirmed an "underperform" rating and issued a $1.20 price target (down previously from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $4.45.

Luminar Technologies Stock Down 3.5 %

The stock has a 50-day simple moving average of $1.53 and a two-hundred day simple moving average of $2.18. The firm has a market cap of $619.41 million, a PE ratio of -1.00 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.30). The firm had revenue of $20.97 million for the quarter, compared to analysts' expectations of $22.09 million. Research analysts expect that Luminar Technologies, Inc. will post -0.99 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Luminar Technologies by 5.1% during the first quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company's stock valued at $53,239,000 after buying an additional 1,319,480 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Luminar Technologies by 100.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company's stock valued at $17,225,000 after buying an additional 2,561,252 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Luminar Technologies by 6.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,030,290 shares of the company's stock valued at $9,238,000 after buying an additional 126,075 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Luminar Technologies by 0.8% during 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 buying an additional 14,604 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of Luminar Technologies by 39.3% during the fourth quarter. Raymond James & Associates now owns 994,903 shares of the company's stock valued at $3,353,000 after buying an additional 280,775 shares during the last quarter. 30.99% of the stock is owned by institutional investors.

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.