Luminar Technologies (NASDAQ:LAZR) Shares Gap Down to $1.43

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) gapped down prior to trading on Monday . The stock had previously closed at $1.43, but opened at $1.40. Luminar Technologies shares last traded at $1.48, with a volume of 902,056 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently commented on LAZR. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. 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. The Goldman Sachs Group decreased their price target 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. Citigroup cut their price objective on Luminar Technologies from $11.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Finally, Bank of America reiterated an “underperform” rating and issued a $1.20 price objective (down previously from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Luminar Technologies presently has an average rating of “Hold” and an average price target of $4.45.

Luminar Technologies Stock Performance

The stock has a market cap of $641.69 million, a P/E ratio of -1.05 and a beta of 1.62. The company has a 50-day simple moving average of $1.54 and a 200-day simple moving average of $2.18.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, hitting the consensus estimate of ($0.30). The firm had revenue of $20.97 million for the quarter, compared to the consensus estimate of $22.09 million. As a group, sell-side analysts expect that Luminar Technologies, Inc. will post -0.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in Luminar Technologies during the 1st quarter valued at about $163,000. Evergreen Wealth Solutions LLC acquired a new position in Luminar Technologies during the 1st quarter valued at about $39,000. Price T Rowe Associates Inc. MD raised its position in shares of Luminar Technologies by 30.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 149,030 shares of the company’s stock valued at $294,000 after acquiring an additional 34,566 shares during the period. Caz Investments LP raised its position in shares of Luminar Technologies by 25.0% in the 1st quarter. Caz Investments LP now owns 150,000 shares of the company’s stock valued at $296,000 after acquiring an additional 30,000 shares during the period. Finally, Boulder Hill Capital Management LP acquired a new stake in shares of Luminar Technologies in the 1st quarter valued at approximately $1,375,000. 30.99% of the stock is currently owned by institutional investors and hedge funds.

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.