Luminar Technologies (NASDAQ:LAZR) Posts Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Luminar Technologies (NASDAQ:LAZR) posted its quarterly earnings results on Thursday. The company reported ($0.94) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.08) by $0.14, FiscalAI reports. The business had revenue of $18.75 million for the quarter, compared to the consensus estimate of $17.56 million.

Luminar Technologies Price Performance

NASDAQ LAZR traded down $0.05 during trading on Friday, reaching $1.01. 10,046,258 shares of the company’s stock were exchanged, compared to its average volume of 4,224,064. Luminar Technologies has a fifty-two week low of $1.01 and a fifty-two week high of $15.60. The business has a 50 day moving average price of $1.87 and a 200-day moving average price of $2.66. The stock has a market capitalization of $69.45 million, a P/E ratio of -0.36 and a beta of 2.03.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Luminar Technologies in a research note on Monday, November 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Luminar Technologies in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Strong Sell” and an average target price of $2.00.

Hedge Funds Weigh In On Luminar Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Luminar Technologies by 123.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,234,195 shares of the company’s stock valued at $8,087,000 after purchasing an additional 2,342,197 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Luminar Technologies by 49.6% during the second quarter. Geode Capital Management LLC now owns 968,026 shares of the company’s stock worth $2,779,000 after buying an additional 320,874 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Luminar Technologies by 6.9% in the first quarter. Goldman Sachs Group Inc. now owns 333,675 shares of the company’s stock valued at $1,799,000 after acquiring an additional 21,468 shares during the period. Royal Bank of Canada grew its stake in shares of Luminar Technologies by 20,160.0% in the first quarter. Royal Bank of Canada now owns 231,572 shares of the company’s stock valued at $1,248,000 after acquiring an additional 230,429 shares in the last quarter. Finally, AQR Capital Management LLC acquired a new position in shares of Luminar Technologies in the first quarter valued at about $665,000. 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.