Northern Trust Corp Trims Position in Luminar Technologies, Inc. (NASDAQ:LAZR)

Northern Trust Corp reduced its position in shares of Luminar Technologies, Inc. (NASDAQ:LAZR - Free Report) by 93.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 207,829 shares of the company's stock after selling 2,937,583 shares during the quarter. Northern Trust Corp owned about 0.62% of Luminar Technologies worth $1,118,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. DnB Asset Management AS purchased a new stake in Luminar Technologies during the fourth quarter valued at $91,000. Entropy Technologies LP purchased a new position in shares of Luminar Technologies in the 4th quarter worth $97,000. SBI Securities Co. Ltd. bought a new stake in shares of Luminar Technologies in the 4th quarter worth about $155,000. Aristides Capital LLC bought a new stake in shares of Luminar Technologies in the 4th quarter worth about $176,000. Finally, Nebula Research & Development LLC purchased a new stake in shares of Luminar Technologies during the 4th quarter valued at about $192,000. 30.99% of the stock is owned by hedge funds and other institutional investors.

Luminar Technologies Stock Down 4.5%

Luminar Technologies stock traded down $0.17 during midday trading on Friday, reaching $3.57. The stock had a trading volume of 1,202,981 shares, compared to its average volume of 2,048,330. The firm has a market cap of $151.33 million, a price-to-earnings ratio of -0.27 and a beta of 2.06. Luminar Technologies, Inc. has a 52-week low of $3.30 and a 52-week high of $32.70. The company has a fifty day moving average of $4.34 and a 200 day moving average of $6.09.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last released its earnings results on Wednesday, May 14th. The company reported ($1.50) EPS for the quarter, beating analysts' consensus estimates of ($1.75) by $0.25. The business had revenue of $18.89 million for the quarter, compared to the consensus estimate of $16.27 million. During the same period in the prior year, the company posted ($0.19) EPS. The company's quarterly revenue was down 10.0% compared to the same quarter last year. Equities research analysts predict that Luminar Technologies, Inc. will post -14.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on LAZR. The Goldman Sachs Group dropped their price target on Luminar Technologies from $3.50 to $2.00 and set a "sell" rating for the company in a research report 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 equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $53.86.

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.