Luminar Technologies, Inc. (NASDAQ:LAZR) Receives Consensus Rating of “Hold” from Analysts

Luminar Technologies, Inc. (NASDAQ:LAZR) has received an average recommendation of “Hold” from the eight brokerages that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $7.38.

Several equities research analysts have recently commented on LAZR shares. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Bank of America decreased their target price on Luminar Technologies from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Thursday, February 29th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $4.00 price objective (down from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. The Goldman Sachs Group lowered their price objective on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a research note on Thursday, February 29th. Finally, Rosenblatt Securities decreased their price target on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th.

Institutional Trading of Luminar Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in LAZR. Morgan Stanley boosted its stake in shares of Luminar Technologies by 326.9% during the 3rd quarter. Morgan Stanley now owns 6,102,415 shares of the company’s stock worth $27,766,000 after acquiring an additional 4,672,831 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Luminar Technologies in the first quarter valued at approximately $22,704,000. State Street Corp raised its position in Luminar Technologies by 189.4% in the 2nd quarter. State Street Corp now owns 4,570,495 shares of the company’s stock worth $27,103,000 after purchasing an additional 2,991,427 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in Luminar Technologies by 100.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock worth $17,225,000 after acquiring an additional 2,561,252 shares during the period. Finally, Norges Bank acquired a new position in shares of Luminar Technologies in the 4th quarter valued at $10,381,000. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Luminar Technologies Stock Performance

LAZR stock opened at $1.93 on Wednesday. Luminar Technologies has a one year low of $1.63 and a one year high of $8.32. The company’s 50 day moving average price is $2.31 and its two-hundred day moving average price is $2.98. The company has a market capitalization of $814.24 million, a PE ratio of -1.31 and a beta of 1.48.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings data 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 business had revenue of $22.11 million for the quarter, compared to analyst estimates of $27.25 million. On average, research analysts predict that Luminar Technologies will post -1 EPS for the current year.

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.