Luminar Technologies (NASDAQ:LAZR) Trading 6.9% Higher

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) shot up 6.9% on Monday . The company traded as high as $1.50 and last traded at $1.39. 2,727,947 shares traded hands during trading, a decline of 65% from the average session volume of 7,879,633 shares. The stock had previously closed at $1.30.

Analysts Set New Price Targets

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

Luminar Technologies Stock Up 2.7 %

The business has a fifty day moving average price of $2.13 and a 200-day moving average price of $2.80. The stock has a market capitalization of $563.22 million, a P/E ratio of -0.91 and a beta of 1.48.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last posted its earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $22.11 million for the quarter, compared to analyst estimates of $27.25 million. On average, equities analysts expect that Luminar Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

A number of large investors have recently added to or reduced their stakes in the stock. Morgan Stanley increased its position in shares of Luminar Technologies by 326.9% during the 3rd quarter. Morgan Stanley now owns 6,102,415 shares of the company's stock valued at $27,766,000 after purchasing an additional 4,672,831 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Luminar Technologies during the first quarter valued at approximately $22,704,000. State Street Corp raised its position in Luminar Technologies by 189.4% in the second quarter. State Street Corp now owns 4,570,495 shares of the company's stock worth $27,103,000 after acquiring an additional 2,991,427 shares during the period. Exchange Traded Concepts LLC raised its position in Luminar Technologies by 100.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company's stock worth $17,225,000 after acquiring an additional 2,561,252 shares during the period. Finally, Norges Bank purchased a new position in shares of Luminar Technologies during the 4th quarter worth $10,381,000. 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.