Luminar Technologies Target of Unusually Large Options Trading (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR) was the target of some unusual options trading on Wednesday. Stock traders purchased 15,793 call options on the stock. This is an increase of approximately 63% compared to the typical volume of 9,673 call options.

Analyst Ratings Changes

A number of brokerages recently weighed in on LAZR. 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 report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $4.00 price target (down from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. JPMorgan Chase & Co. restated an “overweight” rating and set a $8.00 target price (down from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Rosenblatt Securities cut their price target on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, February 28th. Finally, The Goldman Sachs Group reduced their price objective on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a research note on Thursday, February 29th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $6.39.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of LAZR. Vahanian & Associates Financial Planning Inc. acquired a new stake in Luminar Technologies in the fourth quarter worth approximately $41,000. 180 Wealth Advisors LLC boosted its holdings in shares of Luminar Technologies by 65.1% during the first quarter. 180 Wealth Advisors LLC now owns 20,702 shares of the company’s stock worth $41,000 after purchasing an additional 8,161 shares during the period. Leo Wealth LLC purchased a new stake in shares of Luminar Technologies during the fourth quarter worth $43,000. Brave Asset Management Inc. acquired a new stake in shares of Luminar Technologies during the 4th quarter valued at about $49,000. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in Luminar Technologies in the fourth quarter worth approximately $55,000. 30.99% of the stock is owned by institutional investors and hedge funds.

Luminar Technologies Price Performance

NASDAQ:LAZR traded up $0.40 on Wednesday, reaching $2.05. The stock had a trading volume of 22,457,267 shares, compared to its average volume of 7,932,397. The company has a market cap of $864.87 million, a price-to-earnings ratio of -1.27 and a beta of 1.54. Luminar Technologies has a 12-month low of $1.21 and a 12-month high of $8.32. The firm’s fifty day moving average is $1.77 and its two-hundred day moving average is $2.51.

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 business had revenue of $22.11 million for the quarter, compared to the consensus estimate of $27.25 million. As a group, research analysts forecast that Luminar Technologies will post -1.01 earnings per share for the current fiscal year.

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.