Luminar Technologies (NASDAQ:LAZR) Stock Price Down 8.1%

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report) shares were down 8.1% during mid-day trading on Tuesday . The company traded as low as $1.93 and last traded at $1.93. Approximately 5,797,409 shares traded hands during trading, a decline of 26% from the average daily volume of 7,799,137 shares. The stock had previously closed at $2.10.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on LAZR shares. Rosenblatt Securities lowered their price objective 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. Deutsche Bank Aktiengesellschaft restated 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. The Goldman Sachs Group lowered 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. Bank of America lowered their price objective on Luminar Technologies from $4.00 to $3.50 and set a "neutral" rating on the stock in a research report on Thursday, February 29th. Finally, JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $7.38.

Luminar Technologies Price Performance

The company has a market cap of $814.24 million, a price-to-earnings ratio of -1.31 and a beta of 1.48. The business has a 50 day simple moving average of $2.31 and a 200 day simple moving average of $2.98.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.32) EPS for the quarter, missing analysts' consensus estimates 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, sell-side analysts anticipate that Luminar Technologies, Inc. will post -1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

Several large investors have recently made changes to their positions in LAZR. Russell Investments Group Ltd. bought a new stake in Luminar Technologies in the second quarter valued at about $43,000. Waverly Advisors LLC bought a new stake in Luminar Technologies in the first quarter valued at about $65,000. Caz Investments LP bought a new stake in Luminar Technologies in the second quarter valued at about $69,000. B. Riley Wealth Advisors Inc. bought a new stake in Luminar Technologies in the first quarter valued at about $65,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Luminar Technologies by 189.6% in the first quarter. Tower Research Capital LLC TRC now owns 10,145 shares of the company's stock worth $66,000 after acquiring an additional 6,642 shares in the last quarter. Institutional investors and hedge funds 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.