Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report)'s stock price shot up 8.4% during trading on Tuesday . The company traded as high as $1.41 and last traded at $1.41. 2,189,098 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 7,811,907 shares. The stock had previously closed at $1.30.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on LAZR. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $4.00 price objective (down from $11.00) on shares of Luminar Technologies in a research note on Wednesday, January 17th. The Goldman Sachs Group lowered their price objective on shares of Luminar Technologies from $2.00 to $1.50 and set a "sell" rating on the stock in a report on Thursday, February 29th. Rosenblatt Securities lowered their price objective 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. JPMorgan Chase & Co. restated an "overweight" rating and set a $8.00 price objective (down previously from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Finally, Bank of America restated an "underperform" rating and set a $1.20 price objective (down previously from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $7.09.
Check Out Our Latest Stock Report on Luminar Technologies
Luminar Technologies Stock Up 12.3 %
The company has a market cap of $615.96 million, a P/E ratio of -0.99 and a beta of 1.48. The company's 50-day moving average is $1.94 and its two-hundred day moving average is $2.67.
Luminar Technologies (NASDAQ:LAZR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The company had revenue of $22.11 million for the quarter, compared to the consensus estimate of $27.25 million. On average, analysts anticipate that Luminar Technologies, Inc. will post -1.01 EPS for the current fiscal year.
Hedge Funds Weigh In On Luminar Technologies
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Redwood Wealth Management Group LLC boosted its position in shares of Luminar Technologies by 19.6% in the third quarter. Redwood Wealth Management Group LLC now owns 36,452 shares of the company's stock valued at $166,000 after acquiring an additional 5,975 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Luminar Technologies by 11.1% in the third quarter. Commonwealth Equity Services LLC now owns 126,606 shares of the company's stock valued at $576,000 after acquiring an additional 12,651 shares during the period. SVB Wealth LLC boosted its position in shares of Luminar Technologies by 204.8% in the third quarter. SVB Wealth LLC now owns 171,771 shares of the company's stock valued at $782,000 after acquiring an additional 115,422 shares during the period. Raymond James & Associates boosted its position in shares of Luminar Technologies by 195.9% in the third quarter. Raymond James & Associates now owns 714,128 shares of the company's stock valued at $3,249,000 after acquiring an additional 472,778 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Luminar Technologies by 45.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 356,942 shares of the company's stock valued at $1,624,000 after acquiring an additional 110,816 shares during the period. Institutional investors own 30.99% of the company's stock.
About Luminar Technologies
(
Get Free Report)
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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