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

Luminar Technologies, Inc. (NASDAQ:LAZR) has been assigned an average recommendation of “Hold” from the seven brokerages that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $4.17.

Several research analysts recently commented on the stock. Citigroup reduced their price objective on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Westpark Capital reiterated a “buy” rating and set a $9.00 price objective on shares of Luminar Technologies in a research note on Tuesday, August 6th. Rosenblatt Securities reduced their price objective on shares of Luminar Technologies from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Monday, August 19th. Finally, The Goldman Sachs Group cut their price target on shares of Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the stock in a research note on Thursday, July 11th.

Luminar Technologies Stock Performance

NASDAQ:LAZR opened at $1.02 on Friday. Luminar Technologies has a one year low of $0.79 and a one year high of $6.09. The firm has a market cap of $454.54 million, a P/E ratio of -0.74 and a beta of 1.62. The firm has a 50-day simple moving average of $1.38 and a 200-day simple moving average of $1.64.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.04. The firm had revenue of $16.50 million for the quarter, compared to the consensus estimate of $20.36 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.37) EPS. On average, research analysts predict that Luminar Technologies will post -1 EPS for the current fiscal year.

Institutional Trading of Luminar Technologies

Several large investors have recently made changes to their positions in LAZR. Optas LLC purchased a new stake in shares of Luminar Technologies in the 2nd quarter valued at $26,000. Invst LLC purchased a new stake in shares of Luminar Technologies in the 2nd quarter valued at $28,000. Evergreen Wealth Solutions LLC purchased a new stake in shares of Luminar Technologies in the 1st quarter valued at $39,000. 180 Wealth Advisors LLC boosted its holdings in shares of Luminar Technologies by 27.0% in the 2nd quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company’s stock valued at $39,000 after acquiring an additional 5,592 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in shares of Luminar Technologies in the 2nd quarter valued at $42,000. 30.99% of the stock is owned by hedge funds and other institutional investors.

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.