Luminar Technologies (NASDAQ:LAZR) Given Underperform Rating at Bank of America

Bank of America reissued their underperform rating on shares of Luminar Technologies (NASDAQ:LAZR - Free Report) in a report released on Wednesday, Marketbeat reports. They currently have a $1.20 price target on the stock, down from their prior price target of $3.50.

Several other equities research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft reiterated a hold rating and issued 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 decreased 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 report on Thursday, February 29th. Rosenblatt Securities reduced their target price 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. Finally, JPMorgan Chase & Co. reaffirmed an overweight rating and set a $8.00 price target (down from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Luminar Technologies has a consensus rating of Hold and an average target price of $7.09.

Luminar Technologies Stock Performance

LAZR traded down $0.16 during trading on Wednesday, hitting $1.76. The stock had a trading volume of 7,371,144 shares, compared to its average volume of 7,681,545. The firm has a market capitalization of $742.53 million, a P/E ratio of -1.31 and a beta of 1.48. Luminar Technologies has a twelve month low of $1.63 and a twelve month high of $8.32. The company's 50-day moving average price is $2.23 and its 200 day moving average price is $2.88.

Luminar Technologies (NASDAQ:LAZR - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.32) EPS 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 analyst estimates of $27.25 million. As a group, equities analysts expect that Luminar Technologies will post -1.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Luminar Technologies by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company's stock valued at $86,627,000 after buying an additional 1,671,708 shares during the period. BlackRock Inc. raised its holdings in Luminar Technologies by 9.0% in the second quarter. BlackRock Inc. now owns 19,405,443 shares of the company's stock valued at $133,509,000 after buying an additional 1,602,206 shares during the period. Macquarie Group Ltd. raised its holdings in Luminar Technologies by 33.1% in the fourth quarter. Macquarie Group Ltd. now owns 7,745,035 shares of the company's stock valued at $38,338,000 after buying an additional 1,928,021 shares during the period. Morgan Stanley raised its holdings in Luminar Technologies by 326.9% in the third quarter. Morgan Stanley now owns 6,102,415 shares of the company's stock valued at $27,766,000 after buying an additional 4,672,831 shares during the period. Finally, State Street Corp raised its holdings in Luminar Technologies by 12.0% in the second quarter. State Street Corp now owns 5,994,332 shares of the company's stock valued at $41,241,000 after buying an additional 642,796 shares during the period. Hedge funds and other 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.