Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.40

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $1.40, but opened at $1.45. Luminar Technologies shares last traded at $1.51, with a volume of 962,636 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $8.00 target price (down previously from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Citigroup reduced their price objective on shares of 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 restated 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. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Luminar Technologies has a consensus rating of “Hold” and an average target price of $4.45.

Luminar Technologies Stock Performance

The firm’s 50-day moving average is $1.56 and its 200 day moving average is $2.09. The stock has a market cap of $650.61 million, a PE ratio of -1.07 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting the consensus estimate of ($0.30). The business had revenue of $20.97 million during the quarter, compared to analysts’ expectations of $22.09 million. On average, sell-side analysts predict that Luminar Technologies, Inc. will post -1 EPS for the current fiscal year.

Institutional Trading of Luminar Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James & Associates raised its position in Luminar Technologies by 39.3% in the 4th quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock valued at $3,353,000 after purchasing an additional 280,775 shares during the last quarter. Victory Capital Management Inc. increased its stake in Luminar Technologies by 27.9% in the 4th quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock valued at $117,000 after buying an additional 7,564 shares during the period. Vanguard Group Inc. increased its stake in Luminar Technologies by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 24,033,655 shares of the company’s stock valued at $109,353,000 after buying an additional 543,313 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Luminar Technologies by 48.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 714,135 shares of the company’s stock valued at $2,407,000 after buying an additional 232,024 shares during the period. Finally, Leo Wealth LLC acquired a new position in Luminar Technologies in the 4th quarter valued at $43,000. Hedge funds and other institutional investors 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.