Mitsubishi UFJ Asset Management Co. Ltd. Makes New Investment in Luminar Technologies, Inc. $LAZR

Key Points

• Mitsubishi UFJ Asset Management bought 496,248 shares of Luminar in Q2 — about $1.42 million worth — representing roughly a 1.06% stake in the company.
• Other large institutions (Goldman Sachs, RBC, Charles Schwab, Invesco, AQR) also increased or opened positions, leaving institutional ownership at about 30.99%.
• Luminar trades near $1 with a market cap of roughly $69M; it reported Q earnings of $(0.94) EPS and $18.75M revenue, yet analysts have a consensus "Strong Sell" rating and a ~$2 target while expecting sharply negative full‑year EPS.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Luminar Technologies, Inc. (NASDAQ:LAZR - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 496,248 shares of the company's stock, valued at approximately $1,424,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 1.06% of Luminar Technologies as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of LAZR. Goldman Sachs Group Inc. increased its holdings in Luminar Technologies by 6.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 333,675 shares of the company's stock worth $1,799,000 after purchasing an additional 21,468 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Luminar Technologies by 20,160.0% during the first quarter. Royal Bank of Canada now owns 231,572 shares of the company's stock worth $1,248,000 after purchasing an additional 230,429 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Luminar Technologies by 21.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 219,766 shares of the company's stock valued at $1,185,000 after buying an additional 38,549 shares during the period. Invesco Ltd. acquired a new position in shares of Luminar Technologies in the first quarter valued at approximately $881,000. Finally, AQR Capital Management LLC bought a new position in Luminar Technologies in the 1st quarter valued at approximately $665,000. Institutional investors and hedge funds own 30.99% of the company's stock.

Luminar Technologies Price Performance

Shares of LAZR stock opened at $1.01 on Friday. The stock has a market capitalization of $69.45 million, a PE ratio of -0.20 and a beta of 2.03. The business's 50 day simple moving average is $1.86 and its 200 day simple moving average is $2.65. Luminar Technologies, Inc. has a one year low of $1.01 and a one year high of $15.60.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.94) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.08) by $0.14. The firm had revenue of $18.75 million during the quarter, compared to analyst estimates of $17.56 million. As a group, research analysts expect that Luminar Technologies, Inc. will post -14.2 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on LAZR shares. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Luminar Technologies in a report on Monday, November 3rd. Weiss Ratings reissued a "sell (e+)" rating on shares of Luminar Technologies in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Sell rating, Based on data from MarketBeat, Luminar Technologies presently has an average rating of "Strong Sell" and a consensus target price of $2.00.

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.

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