Investors Buy High Volume of Luminar Technologies Call Options (NASDAQ:LAZR)

Key Points

• Investors purchased 26,652 call options for Luminar Technologies, marking a 57% increase from the average daily volume.
• Luminar Technologies reported a loss of ($1.49) earnings per share in its recent quarterly earnings, missing estimates by ($0.30).
• Institutional investors now hold 30.99% of Luminar's stock, with notable increases in holdings from various firms during the first and second quarters.

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) was the recipient of some unusual options trading on Friday. Investors bought 26,652 call options on the stock. This represents an increase of 57% compared to the typical daily volume of 16,933 call options.

Institutional Trading of Luminar Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP bought a new stake in shares of Luminar Technologies in the 1st quarter worth $27,000. Rhumbline Advisers increased its holdings in shares of Luminar Technologies by 19.2% in the 1st quarter. Rhumbline Advisers now owns 36,024 shares of the company's stock worth $194,000 after purchasing an additional 5,810 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of Luminar Technologies by 22.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 35,298 shares of the company's stock worth $190,000 after purchasing an additional 6,470 shares in the last quarter. Summit X LLC increased its holdings in shares of Luminar Technologies by 9.2% in the 2nd quarter. Summit X LLC now owns 80,216 shares of the company's stock worth $230,000 after purchasing an additional 6,729 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Luminar Technologies by 45.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,979 shares of the company's stock worth $63,000 after acquiring an additional 6,820 shares during the period. Institutional investors own 30.99% of the company's stock.

Luminar Technologies Trading Up 19.2%

NASDAQ LAZR traded up $0.33 on Friday, hitting $2.02. The company's stock had a trading volume of 3,900,925 shares, compared to its average volume of 3,519,611. Luminar Technologies has a 52-week low of $1.58 and a 52-week high of $18.60. The company's 50-day simple moving average is $1.98 and its 200 day simple moving average is $2.94. The firm has a market cap of $138.55 million, a P/E ratio of -0.72 and a beta of 2.05.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($1.19) by ($0.30). The business had revenue of $15.63 million during the quarter, compared to analyst estimates of $17.27 million. During the same period in the prior year, the business posted ($0.18) EPS. The business's revenue for the quarter was down 5.0% on a year-over-year basis. Luminar Technologies has set its FY 2025 guidance at EPS. On average, research analysts forecast that Luminar Technologies will post -14.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Luminar Technologies in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $8.50.

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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