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

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) have received a consensus rating of “Hold” from the seven research firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $3.74.

Several research firms have recently commented on LAZR. The Goldman Sachs Group reduced their target price on shares of Luminar Technologies from $1.50 to $1.00 and set a “sell” rating for the company in a research note on Thursday, July 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.00 target price on shares of Luminar Technologies in a research note on Tuesday, September 10th. Citigroup cut their price target on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report on Friday, August 16th. JPMorgan Chase & Co. cut their price target on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Finally, Rosenblatt Securities cut their price target on shares of Luminar Technologies from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th.

Hedge Funds Weigh In On Luminar Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Luminar Technologies by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock valued at $53,239,000 after acquiring an additional 1,319,480 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased 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 acquiring an additional 14,604 shares in the last quarter. Boulder Hill Capital Management LP purchased a new position in Luminar Technologies during the 1st quarter valued at about $1,375,000. Blair William & Co. IL increased its holdings in Luminar Technologies by 51.7% during the 2nd quarter. Blair William & Co. IL now owns 605,735 shares of the company’s stock valued at $903,000 after acquiring an additional 206,512 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in 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 in the last quarter. 30.99% of the stock is currently owned by hedge funds and other institutional investors.

Luminar Technologies Price Performance

Shares of NASDAQ:LAZR opened at $0.89 on Wednesday. The stock has a market cap of $396.47 million, a P/E ratio of -0.65 and a beta of 1.61. The firm has a fifty day moving average price of $1.16 and a 200 day moving average price of $1.46. Luminar Technologies has a 1-year low of $0.73 and a 1-year high of $4.62.

Luminar Technologies (NASDAQ:LAZR) last released its 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 during the quarter, compared to analyst estimates of $20.36 million. During the same quarter last year, the business posted ($0.37) EPS. The firm’s revenue was up 1.9% on a year-over-year basis. Sell-side analysts expect that Luminar Technologies will post -1 EPS for the current fiscal year.

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.