Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.69

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $1.69, but opened at $1.75. Luminar Technologies shares last traded at $1.79, with a volume of 1,846,828 shares traded.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. The Goldman Sachs Group cut their price objective on Luminar Technologies from $2.00 to $1.50 and set a "sell" rating on the stock in a research report on Thursday, February 29th. Rosenblatt Securities dropped their target price on Luminar Technologies from $5.00 to $3.00 and set a "neutral" rating on the stock in a report on Wednesday, February 28th. JPMorgan Chase & Co. reissued an "overweight" rating and issued a $8.00 target price (down previously from $20.00) on shares of Luminar Technologies in a report on Tuesday. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $4.00 target price (down previously from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Finally, Bank of America dropped their target price on Luminar Technologies from $4.00 to $3.50 and set a "neutral" rating on the stock in a report on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $7.38.

Luminar Technologies Price Performance

The company has a market cap of $712.99 million, a price-to-earnings ratio of -1.15 and a beta of 1.51. The firm's 50 day simple moving average is $2.35 and its 200-day simple moving average is $3.09.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.02). The firm had revenue of $22.11 million for the quarter, compared to analyst estimates of $27.25 million. On average, analysts forecast that Luminar Technologies, Inc. will post -1.03 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LAZR. American International Group Inc. boosted its position in Luminar Technologies by 1.5% during the fourth quarter. American International Group Inc. now owns 118,820 shares of the company's stock worth $588,000 after acquiring an additional 1,756 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Luminar Technologies by 13.7% during the second quarter. PNC Financial Services Group Inc. now owns 14,901 shares of the company's stock worth $103,000 after acquiring an additional 1,799 shares during the last quarter. Lazard Asset Management LLC boosted its position in Luminar Technologies by 16.3% during the fourth quarter. Lazard Asset Management LLC now owns 14,072 shares of the company's stock worth $69,000 after acquiring an additional 1,968 shares during the last quarter. Amundi boosted its position in Luminar Technologies by 19.6% during the fourth quarter. Amundi now owns 12,676 shares of the company's stock worth $66,000 after acquiring an additional 2,074 shares during the last quarter. Finally, FMR LLC boosted its holdings in shares of Luminar Technologies by 5.5% in the 1st quarter. FMR LLC now owns 40,376 shares of the company's stock valued at $262,000 after purchasing an additional 2,102 shares during the last quarter. 30.99% of the stock is owned by hedge funds and other institutional investors.

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.