Luminar Technologies (NASDAQ:LAZR) Shares Down 4.9%

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report)'s share price fell 4.9% during mid-day trading on Friday . The company traded as low as $1.54 and last traded at $1.55. 1,996,717 shares were traded during mid-day trading, a decline of 76% from the average session volume of 8,198,489 shares. The stock had previously closed at $1.63.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $8.00 price objective (down from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Citigroup dropped their price objective on shares of Luminar Technologies from $11.00 to $9.00 and set a "buy" rating for the company in a research note on Thursday, May 9th. 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. Finally, The Goldman Sachs Group reduced their price target on Luminar Technologies from $2.00 to $1.50 and set a "sell" rating on the stock in a report on Thursday, February 29th. Two research 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 data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $4.45.

Luminar Technologies Trading Down 8.6 %

The company has a market cap of $663.97 million, a PE ratio of -1.09 and a beta of 1.62. The company has a fifty day simple moving average of $1.55 and a two-hundred day simple moving average of $2.13.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, hitting analysts' consensus estimates of ($0.30). The company had revenue of $20.97 million for the quarter, compared to analyst estimates of $22.09 million. On average, research analysts anticipate that Luminar Technologies, Inc. will post -1 EPS for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Evergreen Wealth Solutions LLC acquired a new stake in Luminar Technologies during the 1st quarter worth approximately $39,000. Vahanian & Associates Financial Planning Inc. purchased a new stake in shares of Luminar Technologies in the fourth quarter valued at about $41,000. 180 Wealth Advisors LLC grew its position in shares of Luminar Technologies by 65.1% in the first quarter. 180 Wealth Advisors LLC now owns 20,702 shares of the company's stock valued at $41,000 after purchasing an additional 8,161 shares during the last quarter. Leo Wealth LLC acquired a new position in shares of Luminar Technologies during the 4th quarter worth approximately $43,000. Finally, Brave Asset Management Inc. purchased a new stake in Luminar Technologies in the 4th quarter valued at approximately $49,000. Institutional investors and hedge funds own 30.99% of the company's stock.

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.