Northern Trust Corp Sells 2,937,583 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

Northern Trust Corp decreased its position in shares of Luminar Technologies, Inc. (NASDAQ:LAZR - Free Report) by 93.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 207,829 shares of the company's stock after selling 2,937,583 shares during the period. Northern Trust Corp owned about 0.62% of Luminar Technologies worth $1,118,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Luminar Technologies during the fourth quarter worth approximately $1,452,000. MYDA Advisors LLC bought a new stake in shares of Luminar Technologies during the fourth quarter valued at approximately $480,000. Nebula Research & Development LLC bought a new stake in shares of Luminar Technologies during the fourth quarter valued at approximately $192,000. Aristides Capital LLC bought a new stake in shares of Luminar Technologies during the fourth quarter valued at approximately $176,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Luminar Technologies during the fourth quarter valued at approximately $155,000. Institutional investors and hedge funds own 30.99% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on LAZR shares. The Goldman Sachs Group decreased 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 note on Thursday, April 10th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Luminar Technologies in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Luminar Technologies presently has a consensus rating of "Hold" and a consensus target price of $53.86.

Luminar Technologies Stock Down 1.9%

LAZR stock traded down $0.07 during midday trading on Monday, reaching $3.52. The company's stock had a trading volume of 1,308,972 shares, compared to its average volume of 2,051,691. Luminar Technologies, Inc. has a 52 week low of $3.30 and a 52 week high of $32.70. The stock has a market cap of $149.21 million, a PE ratio of -0.26 and a beta of 2.06. The business's 50-day simple moving average is $4.24 and its 200-day simple moving average is $5.79.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $18.89 million during the quarter, compared to the consensus estimate of $16.27 million. During the same period in the previous year, the business posted ($0.19) earnings per share. Luminar Technologies's revenue was down 10.0% compared to the same quarter last year. As a group, equities analysts forecast 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.