Howard Financial Services LTD. Grows Holdings in Luminar Technologies, Inc. (NASDAQ:LAZR)

Howard Financial Services LTD. increased its stake in Luminar Technologies, Inc. (NASDAQ:LAZR) by 24.0% in the third quarter, Holdings Channel reports. The institutional investor owned 72,425 shares of the company’s stock after acquiring an additional 14,000 shares during the quarter. Howard Financial Services LTD.’s holdings in Luminar Technologies were worth $65,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Leo Wealth LLC acquired a new position in Luminar Technologies during the 4th quarter worth $43,000. Optas LLC bought a new position in shares of Luminar Technologies during the second quarter worth about $26,000. Invst LLC acquired a new position in Luminar Technologies in the second quarter worth about $28,000. Quadrature Capital Ltd bought a new stake in Luminar Technologies in the fourth quarter valued at about $67,000. Finally, Evergreen Wealth Solutions LLC acquired a new stake in Luminar Technologies during the first quarter valued at approximately $39,000. 30.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LAZR. Rosenblatt Securities reiterated a “neutral” rating and issued a $2.00 target price on shares of Luminar Technologies in a research report on Wednesday, October 2nd. The Goldman Sachs Group decreased their price objective on shares of Luminar Technologies from $1.50 to $1.00 and set a “sell” rating for the company in a report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $1.00 target price on shares of Luminar Technologies in a research note on Tuesday, September 10th. JPMorgan Chase & Co. reduced their price target on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Monday, August 19th. Finally, Citigroup lowered 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 report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.74.

Luminar Technologies Stock Performance

Luminar Technologies stock opened at $0.83 on Wednesday. The company has a 50-day simple moving average of $0.96 and a 200-day simple moving average of $1.38. The firm has a market capitalization of $370.45 million, a P/E ratio of -0.60 and a beta of 1.60. Luminar Technologies, Inc. has a one year low of $0.73 and a one year high of $4.47.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. The business had revenue of $16.50 million for the quarter, compared to the consensus estimate of $20.36 million. During the same period last year, the firm posted ($0.37) EPS. The business’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, sell-side analysts forecast that Luminar Technologies, Inc. will post -0.97 earnings per share for the current 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.