Luminar Technologies (NASDAQ:LAZR) Trading 8.4% Higher

Luminar Technologies, Inc. (NASDAQ:LAZR) traded up 8.4% during trading on Tuesday . The company traded as high as $1.41 and last traded at $1.41. 2,189,098 shares changed hands during trading, a decline of 72% from the average session volume of 7,811,907 shares. The stock had previously closed at $1.30.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $4.00 target price (down previously from $11.00) on shares of Luminar Technologies in a research note on Wednesday, January 17th. JPMorgan Chase & Co. restated an “overweight” rating and set a $8.00 target price (down previously from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. The Goldman Sachs Group decreased their target price on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a research note on Thursday, February 29th. Rosenblatt Securities decreased their target price on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th. Finally, Bank of America restated an “underperform” rating and set a $1.20 target price (down previously from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.09.

Luminar Technologies Price Performance

The stock has a market cap of $622.29 million, a P/E ratio of -0.98 and a beta of 1.48. The firm’s 50-day moving average price is $1.96 and its 200-day moving average price is $2.69.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The firm had revenue of $22.11 million for the quarter, compared to analysts’ expectations of $27.25 million. Sell-side analysts expect that Luminar Technologies, Inc. will post -1.01 earnings per share for the current year.

Institutional Investors Weigh In On Luminar Technologies

Several large investors have recently bought and sold shares of LAZR. Exchange Traded Concepts LLC increased its position in Luminar Technologies by 100.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock worth $17,225,000 after purchasing an additional 2,561,252 shares during the last quarter. Vanguard Group Inc. boosted its stake in Luminar Technologies by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock worth $86,627,000 after buying an additional 1,671,708 shares during the period. Raymond James & Associates boosted its stake in Luminar Technologies by 195.9% during the third quarter. Raymond James & Associates now owns 714,128 shares of the company’s stock worth $3,249,000 after buying an additional 472,778 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Luminar Technologies by 48.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 714,135 shares of the company’s stock worth $2,407,000 after buying an additional 232,024 shares during the period. Finally, Blair William & Co. IL boosted its stake in Luminar Technologies by 56.9% during the third quarter. Blair William & Co. IL now owns 612,249 shares of the company’s stock worth $2,786,000 after buying an additional 221,929 shares during the period. Institutional investors 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.