The Manufacturers Life Insurance Company Grows Stake in Luminar Technologies, Inc. (NASDAQ:LAZR)

The Manufacturers Life Insurance Company boosted its holdings in shares of Luminar Technologies, Inc. (NASDAQ:LAZR) by 24.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 131,015 shares of the company’s stock after purchasing an additional 25,939 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Luminar Technologies were worth $195,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Luminar Technologies by 5.1% in the first quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock worth $53,239,000 after purchasing an additional 1,319,480 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Luminar Technologies by 0.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,865,578 shares of the company’s stock valued at $3,675,000 after buying an additional 14,604 shares in the last quarter. Boulder Hill Capital Management LP bought a new stake in Luminar Technologies in the 1st quarter worth approximately $1,375,000. Blair William & Co. IL raised its holdings in shares of Luminar Technologies by 51.7% during the 2nd quarter. Blair William & Co. IL now owns 605,735 shares of the company’s stock worth $903,000 after acquiring an additional 206,512 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Luminar Technologies by 14.8% during the 2nd quarter. Rhumbline Advisers now owns 426,654 shares of the company’s stock valued at $636,000 after acquiring an additional 54,958 shares during the last quarter. 30.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on LAZR shares. JPMorgan Chase & Co. dropped 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. Citigroup reduced their price objective on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Rosenblatt Securities restated a “neutral” rating and set a $2.00 price objective on shares of Luminar Technologies in a research report on Wednesday, October 2nd. The Goldman Sachs Group dropped their target price on Luminar Technologies from $1.50 to $1.00 and set a “sell” rating for the company in a report on Thursday, July 11th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $1.00 price target on shares of Luminar Technologies in a report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $3.74.

Luminar Technologies Trading Up 1.8 %

Shares of LAZR opened at $0.84 on Friday. The firm has a market cap of $374.06 million, a P/E ratio of -0.61 and a beta of 1.60. The stock’s 50 day moving average is $0.90 and its two-hundred day moving average is $1.33. Luminar Technologies, Inc. has a 12 month low of $0.73 and a 12 month high of $3.99.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results 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 analysts’ expectations of $20.36 million. During the same quarter in the previous year, the firm posted ($0.37) earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities research analysts forecast that Luminar Technologies, Inc. will post -0.97 EPS for the current year.

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.