Luminar Technologies (NASDAQ:LAZR) Shares Gap Down Following Analyst Downgrade

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) gapped down prior to trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $0.75 to $0.50. The stock had previously closed at $1.03, but opened at $1.00. The Goldman Sachs Group currently has a sell rating on the stock. Luminar Technologies shares last traded at $1.02, with a volume of 1,847,141 shares traded.

A number of other analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $1.00 target price on shares of Luminar Technologies in a research note on Tuesday, September 10th. JPMorgan Chase & Co. lowered their target price 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. Craig Hallum reduced their price target on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating for the company in a research report on Tuesday, November 12th. Westpark Capital reissued a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $2.00 target price on shares of Luminar Technologies in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Luminar Technologies has an average rating of “Hold” and a consensus target price of $3.34.

Institutional Investors Weigh In On Luminar Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in LAZR. PEAK6 Investments LLC purchased a new stake in Luminar Technologies in the 3rd quarter worth $25,000. Optas LLC purchased a new stake in Luminar Technologies in the 2nd quarter worth $26,000. Invst LLC purchased a new stake in Luminar Technologies in the 2nd quarter worth $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Luminar Technologies in the 3rd quarter worth $31,000. Finally, Tyler Stone Wealth Management increased its holdings in Luminar Technologies by 70.5% in the 3rd quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock worth $33,000 after acquiring an additional 15,300 shares in the last quarter. Hedge funds and other institutional investors own 30.99% of the company’s stock.

Luminar Technologies Trading Down 4.9 %

The company has a market cap of $483.88 million, a PE ratio of -1.10 and a beta of 1.61. The firm’s fifty day moving average is $0.86 and its 200 day moving average is $1.24.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results on Monday, November 11th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.06. The company had revenue of $15.49 million during the quarter, compared to analysts’ expectations of $17.70 million. During the same period in the previous year, the firm posted ($0.33) EPS. Luminar Technologies’s revenue was down 8.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Luminar Technologies, Inc. will post -0.97 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.