Bank of America Corp DE Sells 429,955 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

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

Other large investors have also recently made changes to their positions in the company. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Luminar Technologies in the fourth quarter worth about $1,452,000. BNP Paribas Financial Markets bought a new stake in Luminar Technologies during the fourth quarter worth approximately $40,000. MYDA Advisors LLC bought a new stake in Luminar Technologies during the fourth quarter worth approximately $480,000. DnB Asset Management AS bought a new stake in Luminar Technologies during the fourth quarter worth approximately $91,000. Finally, SBI Securities Co. Ltd. bought a new stake in Luminar Technologies during the fourth quarter worth approximately $155,000. 30.99% of the stock is owned by institutional investors.

Luminar Technologies Stock Performance

Shares of NASDAQ LAZR opened at $2.96 on Friday. The firm has a market capitalization of $138.76 million, a price-to-earnings ratio of -0.22 and a beta of 2.01. The stock has a 50 day moving average price of $3.89 and a 200 day moving average price of $5.40. Luminar Technologies, Inc. has a 52-week low of $2.95 and a 52-week high of $32.70.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($1.50) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.75) by $0.25. The firm had revenue of $18.89 million during the quarter, compared to analysts' expectations of $16.27 million. The firm's revenue for the quarter was down 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.19) EPS. Analysts forecast that Luminar Technologies, Inc. will post -14.2 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. The Goldman Sachs Group reduced their price objective on Luminar Technologies from $3.50 to $2.00 and set a "sell" rating on the stock in a research note on Thursday, April 10th. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Luminar Technologies in a research note on Thursday, May 15th. One 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 company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $53.86.

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.

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