Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.46

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $1.46, but opened at $1.56. Luminar Technologies shares last traded at $1.50, with a volume of 2,154,784 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. restated an "overweight" rating and set a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Bank of America reaffirmed an "underperform" rating and set a $1.20 target price (down previously from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $4.00 price target (down from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. The Goldman Sachs Group dropped their price objective on shares of Luminar Technologies from $2.00 to $1.50 and set a "sell" rating on the stock in a research note on Thursday, February 29th. Finally, Rosenblatt Securities lowered their price target on shares of Luminar Technologies from $5.00 to $3.00 and set a "neutral" rating on the stock in a report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $7.09.

Luminar Technologies Stock Performance

The stock's 50-day simple moving average is $1.92 and its two-hundred day simple moving average is $2.66. The stock has a market cap of $603.30 million, a price-to-earnings ratio of -0.97 and a beta of 1.48.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $22.11 million during the quarter, compared to the consensus estimate of $27.25 million. As a group, research analysts predict that Luminar Technologies, Inc. will post -1.01 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Redwood Wealth Management Group LLC grew its position in Luminar Technologies by 19.6% during the third quarter. Redwood Wealth Management Group LLC now owns 36,452 shares of the company's stock worth $166,000 after buying an additional 5,975 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Luminar Technologies by 10.6% during the third quarter. Arizona State Retirement System now owns 71,898 shares of the company's stock valued at $327,000 after acquiring an additional 6,916 shares during the period. Tyler Stone Wealth Management boosted its stake in shares of Luminar Technologies by 71.8% in the 3rd quarter. Tyler Stone Wealth Management now owns 17,700 shares of the company's stock valued at $81,000 after purchasing an additional 7,400 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Luminar Technologies by 27.9% in the 4th quarter. Victory Capital Management Inc. now owns 34,637 shares of the company's stock valued at $117,000 after purchasing an additional 7,564 shares in the last quarter. Finally, 180 Wealth Advisors LLC grew its holdings in shares of Luminar Technologies by 65.1% in the 1st quarter. 180 Wealth Advisors LLC now owns 20,702 shares of the company's stock worth $41,000 after purchasing an additional 8,161 shares during the last quarter. Institutional investors own 30.99% of the company's stock.

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.