Luminar Technologies (NASDAQ:LAZR) Releases Earnings Results, Misses Expectations By $0.30 EPS

Key Points

• Luminar Technologies reported quarterly earnings of ($1.07) per share, surpassing expectations by $0.12 against a consensus estimate of ($1.19).
• The company's stock closed at $3.01 after experiencing a trading volume significantly higher than its average, with a market capitalization of $141.11 million.
• Analysts currently have a consensus rating of "Hold" on the stock, with an average target price set at $40.33.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($1.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.19) by ($0.30), Briefing.com reports. The firm had revenue of $15.63 million for the quarter, compared to analysts' expectations of $17.27 million. Luminar Technologies's quarterly revenue was down 5.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.18) earnings per share. Luminar Technologies updated its FY 2025 guidance to EPS.

Luminar Technologies Stock Performance

LAZR opened at $3.01 on Wednesday. The stock has a market capitalization of $141.11 million, a price-to-earnings ratio of -0.46 and a beta of 1.96. The company has a fifty day moving average of $2.99 and a 200 day moving average of $4.25. Luminar Technologies has a fifty-two week low of $2.50 and a fifty-two week high of $18.60.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. reissued a "neutral" rating on shares of Luminar Technologies in a research note on Thursday, May 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $40.33.

Hedge Funds Weigh In On Luminar Technologies

Several institutional investors have recently bought and sold shares of LAZR. Rhumbline Advisers grew its stake in Luminar Technologies by 19.2% during the first quarter. Rhumbline Advisers now owns 36,024 shares of the company's stock valued at $194,000 after acquiring an additional 5,810 shares in the last quarter. AQR Capital Management LLC purchased a new position in Luminar Technologies during the first quarter valued at $665,000. Royal Bank of Canada grew its stake in shares of Luminar Technologies by 20,160.0% in 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 in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Luminar Technologies by 6.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 333,675 shares of the company's stock worth $1,799,000 after buying an additional 21,468 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Luminar Technologies by 49.6% in 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 in the last quarter. 30.99% of the stock is owned by hedge funds and other institutional investors.

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.