Luminar Technologies (NASDAQ:LAZR) Trading Up 31.4% - What's Next?

Key Points

• Shares of Luminar Technologies surged 31.4% on Friday, reaching a last traded price of $2.22, with trading volume significantly higher than average.
• The company reported a quarterly loss of ($1.49) EPS, missing expectations and showing a 5.0% year-over-year revenue decline.
• Analysts have mixed opinions on the stock, with a consensus rating of "Reduce" and price target set at $8.50, alongside a recent "sell" rating from Weiss Ratings.

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) were up 31.4% on Friday . The stock traded as high as $2.28 and last traded at $2.22. Approximately 26,484,260 shares changed hands during mid-day trading, an increase of 277% from the average daily volume of 7,019,236 shares. The stock had previously closed at $1.69.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Luminar Technologies in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Luminar Technologies has a consensus rating of "Reduce" and a consensus price target of $8.50.

Luminar Technologies Trading Up 31.4%

The business has a 50-day moving average price of $1.98 and a 200 day moving average price of $2.92. The stock has a market cap of $152.65 million, a PE ratio of -0.79 and a beta of 2.05.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of ($1.19) by ($0.30). The firm had revenue of $15.63 million during the quarter, compared to analysts' expectations of $17.27 million. During the same quarter in the previous year, the company earned ($0.18) earnings per share. Luminar Technologies's revenue was down 5.0% on a year-over-year basis. Luminar Technologies has set its FY 2025 guidance at EPS. On average, equities analysts predict that Luminar Technologies, Inc. will post -14.2 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC lifted its position in shares of Luminar Technologies by 38.8% during the 3rd quarter. SG Americas Securities LLC now owns 36,635 shares of the company's stock valued at $70,000 after buying an additional 10,247 shares during the last quarter. MASO CAPITAL PARTNERS Ltd lifted its holdings in Luminar Technologies by 100.0% during the 2nd quarter. MASO CAPITAL PARTNERS Ltd now owns 100,000 shares of the company's stock worth $287,000 after purchasing an additional 50,000 shares in the last quarter. Engineers Gate Manager LP lifted its holdings in Luminar Technologies by 71.0% during the 2nd quarter. Engineers Gate Manager LP now owns 33,185 shares of the company's stock worth $95,000 after purchasing an additional 13,778 shares in the last quarter. Raymond James Financial Inc. lifted its holdings in Luminar Technologies by 49.1% during the 2nd quarter. Raymond James Financial Inc. now owns 23,612 shares of the company's stock worth $68,000 after purchasing an additional 7,773 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Luminar Technologies by 45.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,979 shares of the company's stock worth $63,000 after purchasing an additional 6,820 shares in 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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