Luminar Technologies, Inc. (NASDAQ:LAZR) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Luminar Technologies, Inc. has received an average rating of "Hold" from six brokerages, with one sell rating, four holds, and one buy rating.
• The company reported a quarterly loss of ($1.49) earnings per share, missing analyst estimates, along with a revenue of $15.63 million which was a decline of 5% year-over-year.
• Several hedge funds have increased their stakes in Luminar, with significant increases from Geode Capital Management and Royal Bank of Canada, indicating growing institutional interest in the company.

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) have been given an average recommendation of "Hold" by the six ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $40.3333.

Separately, JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Luminar Technologies in a research note on Thursday, May 15th.

Luminar Technologies Stock Up 11.9%

NASDAQ:LAZR opened at $3.01 on Wednesday. The company has a market cap of $141.11 million, a P/E ratio of -0.46 and a beta of 1.96. Luminar Technologies has a fifty-two week low of $2.50 and a fifty-two week high of $18.60. The firm's 50 day moving average is $2.99 and its two-hundred day moving average is $4.25.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($1.49) earnings per share for the quarter, missing analysts' consensus estimates of ($1.19) by ($0.30). The business had revenue of $15.63 million for the quarter, compared to the consensus estimate of $17.27 million. The firm's revenue for the quarter was down 5.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.18) earnings per share. Research analysts forecast that Luminar Technologies will post -14.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

A number of hedge funds have recently made changes to their positions in LAZR. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Luminar Technologies in the 2nd quarter valued at $1,424,000. Geode Capital Management LLC increased its stake in Luminar Technologies by 49.6% during the 2nd quarter. Geode Capital Management LLC now owns 968,026 shares of the company's stock worth $2,779,000 after buying an additional 320,874 shares during the period. Royal Bank of Canada increased its stake in Luminar Technologies by 20,160.0% during the 1st quarter. Royal Bank of Canada now owns 231,572 shares of the company's stock worth $1,248,000 after buying an additional 230,429 shares during the period. Invesco Ltd. purchased a new stake in Luminar Technologies during the 1st quarter worth $881,000. Finally, Squarepoint Ops LLC increased its stake in Luminar Technologies by 187.9% during the 4th quarter. Squarepoint Ops LLC now owns 75,542 shares of the company's stock worth $406,000 after buying an additional 161,477 shares during the period. Hedge funds and other institutional investors own 30.99% of the company's stock.

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.

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