Luminar Technologies (NASDAQ:LAZR) Shares Down 5.5%

Luminar Technologies, Inc. (NASDAQ:LAZR - Get Free Report)'s stock price fell 5.5% during mid-day trading on Monday . The company traded as low as $1.88 and last traded at $1.89. 2,381,667 shares were traded during mid-day trading, a decline of 69% from the average session volume of 7,667,873 shares. The stock had previously closed at $2.00.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on LAZR. Bank of America dropped their price objective on Luminar Technologies from $4.00 to $3.50 and set a "neutral" rating on the stock in a report on Thursday, February 29th. Rosenblatt Securities dropped their price objective on Luminar Technologies from $5.00 to $3.00 and set a "neutral" rating on the stock in a report on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $4.00 price objective (down previously from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. The Goldman Sachs Group dropped their price objective on Luminar Technologies from $2.00 to $1.50 and set a "sell" rating on the stock in a report on Thursday, February 29th. Finally, JPMorgan Chase & Co. reaffirmed 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. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $7.38.

Luminar Technologies Stock Down 6.0 %

The company has a market cap of $793.15 million, a price-to-earnings ratio of -1.28 and a beta of 1.48. The company has a fifty day simple moving average of $2.25 and a two-hundred day simple moving average of $2.90.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last posted its 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 business had revenue of $22.11 million during the quarter, compared to the consensus estimate of $27.25 million. On average, research analysts predict that Luminar Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Trading of Luminar Technologies

Several institutional investors and hedge funds have recently made changes to their positions in LAZR. Vahanian & Associates Financial Planning Inc. purchased a new stake in shares of Luminar Technologies in the fourth quarter valued at $41,000. Leo Wealth LLC purchased a new stake in shares of Luminar Technologies in the fourth quarter valued at $43,000. Russell Investments Group Ltd. purchased a new stake in shares of Luminar Technologies in the second quarter valued at $43,000. Brave Asset Management Inc. purchased a new stake in shares of Luminar Technologies in the fourth quarter valued at $49,000. Finally, Ethic Inc. purchased a new stake in shares of Luminar Technologies in the fourth quarter valued at $49,000. 30.99% of the stock is currently 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.