Luminar Technologies (NASDAQ:LAZR) Shares Down 4.9%

Luminar Technologies, Inc. (NASDAQ:LAZR) traded down 4.9% on Friday . The company traded as low as $1.54 and last traded at $1.55. 1,996,717 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 8,198,489 shares. The stock had previously closed at $1.63.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Citigroup decreased their price objective on Luminar Technologies from $11.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, May 9th. Bank of America restated an “underperform” rating and issued a $1.20 price objective (down from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and issued a $8.00 price objective (down 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, Luminar Technologies presently has an average rating of “Hold” and a consensus price target of $4.45.

Luminar Technologies Stock Performance

The stock has a fifty day simple moving average of $1.55 and a two-hundred day simple moving average of $2.13. The stock has a market capitalization of $663.97 million, a price-to-earnings ratio of -1.09 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR) last issued its earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting the consensus estimate of ($0.30). The firm had revenue of $20.97 million during the quarter, compared to analyst estimates of $22.09 million. Research analysts forecast that Luminar Technologies, Inc. will post -1 earnings per share for the current year.

Institutional Trading of Luminar Technologies

Large investors have recently made changes to their positions in the company. Vahanian & Associates Financial Planning Inc. acquired a new stake in shares of Luminar Technologies in the 4th quarter valued at about $41,000. Leo Wealth LLC bought a new position in Luminar Technologies in the 4th quarter valued at about $43,000. Brave Asset Management Inc. bought a new position in Luminar Technologies in the 4th quarter valued at about $49,000. Vanguard Personalized Indexing Management LLC bought a new position in Luminar Technologies in the 4th quarter valued at about $55,000. Finally, Quadrature Capital Ltd bought a new position in Luminar Technologies in the 4th quarter valued at about $67,000. 30.99% of the stock is currently owned by institutional investors and hedge funds.

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.