Bank of America Corp DE Lowers Position in Luminar Technologies, Inc. (NASDAQ:LAZR)

Bank of America Corp DE trimmed its stake in shares of Luminar Technologies, Inc. (NASDAQ:LAZR - Free Report) by 89.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,525 shares of the company's stock after selling 429,955 shares during the period. Bank of America Corp DE owned 0.15% of Luminar Technologies worth $277,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of LAZR. BNP Paribas Financial Markets purchased a new position in Luminar Technologies in the 4th quarter valued at about $40,000. DnB Asset Management AS purchased a new position in shares of Luminar Technologies in the fourth quarter valued at approximately $91,000. Entropy Technologies LP acquired a new stake in shares of Luminar Technologies in the fourth quarter worth approximately $97,000. SBI Securities Co. Ltd. purchased a new stake in shares of Luminar Technologies during the fourth quarter worth approximately $155,000. Finally, Aristides Capital LLC acquired a new position in Luminar Technologies in the 4th quarter valued at $176,000. Institutional investors and hedge funds own 30.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on LAZR. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Luminar Technologies in a research note on Thursday, May 15th. The Goldman Sachs Group lowered their price target on shares of Luminar Technologies from $3.50 to $2.00 and set a "sell" rating on the stock in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $53.86.

Luminar Technologies Stock Down 3.0%

Shares of LAZR traded down $0.09 during midday trading on Tuesday, reaching $2.89. The company had a trading volume of 2,038,467 shares, compared to its average volume of 2,163,470. Luminar Technologies, Inc. has a 1-year low of $2.88 and a 1-year high of $32.70. The firm has a 50 day simple moving average of $3.82 and a 200-day simple moving average of $5.29. The stock has a market cap of $135.48 million, a PE ratio of -0.44 and a beta of 2.01.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported ($1.50) EPS for the quarter, topping analysts' consensus estimates of ($1.75) by $0.25. The firm had revenue of $18.89 million for the quarter, compared to analysts' expectations of $16.27 million. Luminar Technologies's revenue for the quarter was down 10.0% on a year-over-year basis. During the same period last year, the firm earned ($0.19) earnings per share. As a group, sell-side analysts anticipate that Luminar Technologies, Inc. will post -14.2 earnings per share for the current fiscal year.

Luminar Technologies 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.