Luminar Technologies, Inc. (NASDAQ:LAZR) Short Interest Up 33.8% in August

Key Points

• Luminar Technologies' short interest surged by 33.8% in August, with a total of 11,120,000 shares short sold as of August 15th, indicating a growing bearish sentiment among investors.
• The company missed earnings expectations for the most recent quarter, reporting a loss of $1.49 per share compared to the anticipated loss of $1.19, alongside a revenue that fell short of estimates.
• Institutional investors currently own 30.99% of Luminar Technologies' stock, with notable recent investments from firms like Mudrick Capital Management and Mitsubishi UFJ Asset Management.

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) was the recipient of a large increase in short interest in the month of August. As of August 15th, there was short interest totaling 11,120,000 shares, anincreaseof33.8% from the July 31st total of 8,310,000 shares. Based on an average daily volume of 3,560,000 shares, the short-interest ratio is currently 3.1 days. Currently,18.9% of the company's stock are short sold. Currently,18.9% of the company's stock are short sold. Based on an average daily volume of 3,560,000 shares, the short-interest ratio is currently 3.1 days.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Luminar Technologies in a report on Thursday, May 15th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $15.50.

Luminar Technologies Stock Up 3.0%

Shares of Luminar Technologies stock traded up $0.05 on Monday, hitting $1.71. 2,543,746 shares of the company's stock traded hands, compared to its average volume of 2,961,660. Luminar Technologies has a 52-week low of $1.58 and a 52-week high of $18.60. The stock has a market cap of $117.58 million, a P/E ratio of -0.61 and a beta of 1.95. The firm's 50-day moving average is $2.60 and its 200 day moving average is $3.74.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($1.49) EPS 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 analysts' expectations of $17.27 million. Luminar Technologies's revenue was down 5.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.18) EPS. Luminar Technologies has set its FY 2025 guidance at EPS. Equities research analysts forecast that Luminar Technologies will post -14.2 EPS for the current year.

Institutional Trading of Luminar Technologies

Several institutional investors and hedge funds have recently bought and sold shares of LAZR. Mudrick Capital Management L.P. purchased a new position in Luminar Technologies during the 2nd quarter valued at about $10,726,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Luminar Technologies during the second quarter worth approximately $1,424,000. Geode Capital Management LLC grew its position in Luminar Technologies by 49.6% during the second quarter. Geode Capital Management LLC now owns 968,026 shares of the company's stock valued at $2,779,000 after purchasing an additional 320,874 shares in the last quarter. Royal Bank of Canada grew its position in Luminar Technologies by 20,160.0% during the first quarter. Royal Bank of Canada now owns 231,572 shares of the company's stock valued at $1,248,000 after purchasing an additional 230,429 shares in the last quarter. Finally, Invesco Ltd. acquired a new position in Luminar Technologies in the 1st quarter valued at approximately $881,000. Institutional investors and hedge funds 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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