Cresset Asset Management LLC Sells 419,656 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

Cresset Asset Management LLC reduced its stake in shares of Luminar Technologies, Inc. (NASDAQ:LAZR - Free Report) by 93.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,130 shares of the company's stock after selling 419,656 shares during the quarter. Cresset Asset Management LLC owned 0.09% of Luminar Technologies worth $157,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Luminar Technologies during the fourth quarter valued at about $1,452,000. MYDA Advisors LLC bought a new position in shares of Luminar Technologies during the fourth quarter valued at about $480,000. DnB Asset Management AS bought a new position in shares of Luminar Technologies during the fourth quarter valued at about $91,000. Brevan Howard Capital Management LP grew its stake in shares of Luminar Technologies by 199.3% during the fourth quarter. Brevan Howard Capital Management LP now owns 32,160 shares of the company's stock valued at $173,000 after buying an additional 21,416 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in shares of Luminar Technologies during the fourth quarter valued at about $155,000. 30.99% of the stock is owned by institutional investors.

Luminar Technologies Stock Down 1.5%

Shares of LAZR traded down $0.06 during mid-day trading on Thursday, hitting $3.90. 3,443,158 shares of the company's stock traded hands, compared to its average volume of 2,015,083. Luminar Technologies, Inc. has a 1 year low of $3.30 and a 1 year high of $32.70. The firm has a market capitalization of $165.32 million, a P/E ratio of -0.29 and a beta of 2.06. The business's 50-day moving average price is $4.73 and its 200-day moving average price is $6.49.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on LAZR shares. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Luminar Technologies in a research note on Thursday, May 15th. 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target 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.