Luminar Technologies (NASDAQ:LAZR) Trading Down 10.4% – Time to Sell?

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price fell 10.4% during mid-day trading on Friday . The stock traded as low as $9.72 and last traded at $9.73. 448,384 shares traded hands during trading, a decline of 59% from the average session volume of 1,084,595 shares. The stock had previously closed at $10.86.

Wall Street Analysts Forecast Growth

LAZR has been the subject of a number of analyst reports. Citigroup lowered their price target on Luminar Technologies from $135.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, August 16th. JPMorgan Chase & Co. cut their price target on shares of Luminar Technologies from $120.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, August 19th. Craig Hallum decreased their price objective on shares of Luminar Technologies from $22.50 to $15.00 and set a “hold” rating for the company in a research note on Tuesday, November 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 target price on shares of Luminar Technologies in a research note on Tuesday, September 10th. Finally, The Goldman Sachs Group decreased their price target on Luminar Technologies from $11.25 to $7.50 and set a “sell” rating for the company in a research report on Thursday, November 14th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $50.06.

Luminar Technologies Price Performance

The firm has a market capitalization of $298.12 million, a P/E ratio of -0.67 and a beta of 1.61. The firm has a fifty day simple moving average of $12.87 and a two-hundred day simple moving average of $18.16.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings data on Monday, November 11th. The company reported ($2.40) earnings per share for the quarter, topping the consensus estimate of ($3.30) by $0.90. The firm had revenue of $15.49 million during the quarter, compared to analysts’ expectations of $17.70 million. The company’s revenue was down 8.6% compared to the same quarter last year. During the same period last year, the business posted ($4.95) EPS. On average, research analysts anticipate that Luminar Technologies, Inc. will post -14.17 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LAZR. Vanguard Group Inc. raised 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 during the period. Geode Capital Management LLC grew its position in shares of Luminar Technologies by 17.9% in the third quarter. Geode Capital Management LLC now owns 8,774,934 shares of the company’s stock valued at $7,896,000 after purchasing an additional 1,331,067 shares in the last quarter. State Street Corp raised its stake in shares of Luminar Technologies by 2.7% during the 3rd quarter. State Street Corp now owns 8,525,374 shares of the company’s stock valued at $7,670,000 after purchasing an additional 225,223 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Luminar Technologies by 16.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock worth $2,691,000 after purchasing an additional 425,335 shares in the last quarter. Finally, Barclays PLC lifted its holdings in Luminar Technologies by 469.2% during the 3rd quarter. Barclays PLC now owns 842,288 shares of the company’s stock worth $757,000 after purchasing an additional 694,315 shares in the last quarter. 30.99% of the stock is owned by institutional investors.

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.