Luminar Technologies (NASDAQ:LAZR) Trading 10.4% Higher - Should You Buy?

Key Points

• Luminar Technologies stock rose by 10.4% to $2.17 on Thursday, with trading volume increasing to approximately 5.3 million shares, up 10% from the average.
• The company reported a loss of $1.49 per share for the latest quarter, missing estimates, with revenue also down year-over-year, totaling $15.63 million.
• Institutional investors own nearly 31% of Luminar's shares, with significant increases in positions from hedge funds in recent quarters.

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) rose 10.4% on Thursday . The stock traded as high as $2.20 and last traded at $2.17. Approximately 5,304,192 shares changed hands during trading, an increase of 10% from the average daily volume of 4,806,803 shares. The stock had previously closed at $1.97.

Luminar Technologies Stock Up 10.4%

The company has a 50 day simple moving average of $2.22 and a two-hundred day simple moving average of $3.35. The company has a market capitalization of $149.21 million, a P/E ratio of -0.77 and a beta of 2.05.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($1.49) earnings per share (EPS) 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. Luminar Technologies's revenue for the quarter was down 5.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.18) EPS. Luminar Technologies has set its FY 2025 guidance at EPS. As a group, research analysts expect that Luminar Technologies, Inc. will post -14.2 EPS for the current fiscal year.

Institutional Trading of Luminar Technologies

A number of hedge funds have recently bought and sold shares of the stock. Millennium Management LLC purchased a new stake in shares of Luminar Technologies during the 4th quarter valued at $608,000. Squarepoint Ops LLC lifted its holdings in shares of Luminar Technologies by 187.9% during the 4th quarter. Squarepoint Ops LLC now owns 75,542 shares of the company's stock valued at $406,000 after purchasing an additional 161,477 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Luminar Technologies by 1,077.9% during the 1st quarter. GAMMA Investing LLC now owns 9,470 shares of the company's stock valued at $51,000 after purchasing an additional 8,666 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Luminar Technologies by 19.2% during the 1st quarter. Rhumbline Advisers now owns 36,024 shares of the company's stock valued at $194,000 after purchasing an additional 5,810 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Luminar Technologies by 15.1% during the 1st quarter. Bank of New York Mellon Corp now owns 68,271 shares of the company's stock valued at $368,000 after purchasing an additional 8,970 shares during the last quarter. 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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