Luminar Technologies (NASDAQ:LAZR) Shares Down 5.1%

Luminar Technologies, Inc. (NASDAQ:LAZR)’s share price dropped 5.1% during mid-day trading on Thursday . The stock traded as low as $1.68 and last traded at $1.68. Approximately 4,783,412 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 8,688,437 shares. The stock had previously closed at $1.77.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on LAZR shares. Bank of America reiterated an “underperform” rating and set a $1.20 price objective (down previously from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. Rosenblatt Securities decreased their price target on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, February 28th. Citigroup cut their price objective on Luminar Technologies from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $4.00 target price (down from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.45.

Luminar Technologies Stock Performance

The stock has a market capitalization of $729.86 million, a PE ratio of -1.29 and a beta of 1.54. The firm has a 50 day moving average of $1.70 and a 200-day moving average of $2.43.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The firm had revenue of $22.11 million for the quarter, compared to analyst estimates of $27.25 million. On average, sell-side analysts predict that Luminar Technologies, Inc. will post -1.03 earnings per share for the current year.

Institutional Investors Weigh In On Luminar Technologies

Institutional investors have recently modified their holdings of the stock. Arizona State Retirement System raised its holdings in shares of Luminar Technologies by 10.6% during the third quarter. Arizona State Retirement System now owns 71,898 shares of the company’s stock worth $327,000 after acquiring an additional 6,916 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Luminar Technologies by 16.0% during the 1st quarter. ProShare Advisors LLC now owns 52,321 shares of the company’s stock worth $103,000 after purchasing an additional 7,222 shares in the last quarter. Tyler Stone Wealth Management lifted its holdings in shares of Luminar Technologies by 71.8% during the 3rd 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. grew its stake in shares of Luminar Technologies by 23.7% in the 1st 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 in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Luminar Technologies by 27.9% in the fourth quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock worth $117,000 after buying an additional 7,564 shares during the last quarter. 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.