Luminar Technologies, Inc. (NASDAQ:LAZR) Receives $53.86 Consensus Target Price from Analysts

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) have received an average rating of "Hold" from the seven ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $53.86.

LAZR has been the subject of a number of research analyst reports. The Goldman Sachs Group cut their price objective on shares of Luminar Technologies from $3.50 to $2.00 and set a "sell" rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Luminar Technologies in a report on Thursday, May 15th.

Luminar Technologies Stock Down 4.9%

Shares of NASDAQ LAZR traded down $0.16 during midday trading on Friday, hitting $3.10. 6,112,992 shares of the company's stock were exchanged, compared to its average volume of 2,420,123. The business's fifty day moving average price is $3.33 and its two-hundred day moving average price is $4.73. Luminar Technologies has a 12-month low of $2.52 and a 12-month high of $27.30.

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 expect that Luminar Technologies will post -14.2 earnings per share for the current fiscal year.

Institutional Trading of Luminar Technologies

Hedge funds have recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of Luminar Technologies in the 1st quarter valued at $27,000. BNP Paribas Financial Markets purchased a new position in shares of Luminar Technologies during the fourth quarter worth about $40,000. GAMMA Investing LLC increased its position in shares of Luminar Technologies by 1,077.9% during the first quarter. GAMMA Investing LLC now owns 9,470 shares of the company's stock worth $51,000 after purchasing an additional 8,666 shares in the last quarter. CWM LLC increased its position in shares of Luminar Technologies by 1,194.5% during the first quarter. CWM LLC now owns 9,877 shares of the company's stock worth $53,000 after purchasing an additional 9,114 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Luminar Technologies in the 1st quarter valued at about $90,000. Hedge funds and other institutional investors own 30.99% of the company's stock.

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.