Luminar Technologies, Inc. (NASDAQ:LAZR) Receives $40.33 Consensus PT from Analysts

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 received a consensus recommendation of "Reduce" from the five ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $30.40.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its holdings in Luminar Technologies by 49.6% in the second quarter. Geode Capital Management LLC now owns 968,026 shares of the company's stock valued at $2,779,000 after acquiring an additional 320,874 shares during the period. Mudrick Capital Management L.P. acquired a new position in Luminar Technologies in the second quarter valued at approximately $10,726,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Luminar Technologies in the second quarter valued at approximately $1,424,000. Goldman Sachs Group Inc. lifted its holdings in Luminar Technologies by 6.9% in the first quarter. Goldman Sachs Group Inc. now owns 333,675 shares of the company's stock valued at $1,799,000 after acquiring an additional 21,468 shares during the period. Finally, Royal Bank of Canada lifted its holdings in Luminar Technologies by 20,160.0% in the first quarter. Royal Bank of Canada now owns 231,572 shares of the company's stock valued at $1,248,000 after acquiring an additional 230,429 shares during the period. 30.99% of the stock is owned by institutional investors and hedge funds.

Luminar Technologies Price Performance

NASDAQ LAZR traded down $0.16 during trading on Wednesday, hitting $2.30. The company's stock had a trading volume of 5,543,757 shares, compared to its average volume of 4,389,537. The company has a market cap of $107.82 million, a PE ratio of -0.82 and a beta of 1.96. The business's 50 day simple moving average is $2.93 and its 200-day simple moving average is $4.19. Luminar Technologies has a fifty-two week low of $2.28 and a fifty-two week high of $18.60.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last issued its quarterly earnings results 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. The business's quarterly revenue was down 5.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.18) earnings per share. Analysts expect that Luminar Technologies will post -14.2 EPS for the current fiscal year.

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.