The Goldman Sachs Group Cuts Luminar Technologies (NASDAQ:LAZR) Price Target to $2.00

Luminar Technologies (NASDAQ:LAZR) had its price target trimmed by The Goldman Sachs Group from $3.50 to $2.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a sell rating on the stock.

Luminar Technologies Stock Down 2.2 %

LAZR opened at $4.42 on Thursday. The company has a market cap of $187.36 million, a P/E ratio of -0.33 and a beta of 1.86. The firm’s 50-day moving average price is $5.59 and its 200-day moving average price is $8.15. Luminar Technologies has a 52-week low of $4.25 and a 52-week high of $34.80.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in Luminar Technologies by 17.9% in the 3rd quarter. Geode Capital Management LLC now owns 8,774,934 shares of the company’s stock worth $7,896,000 after acquiring an additional 1,331,067 shares in the last quarter. Barclays PLC increased its stake in shares of Luminar Technologies by 469.2% during the third quarter. Barclays PLC now owns 842,288 shares of the company’s stock worth $757,000 after purchasing an additional 694,315 shares in the last quarter. XTX Topco Ltd raised its position in shares of Luminar Technologies by 819.6% during the 3rd quarter. XTX Topco Ltd now owns 649,175 shares of the company’s stock worth $584,000 after purchasing an additional 578,582 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Luminar Technologies by 16.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock valued at $2,691,000 after buying an additional 425,335 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Luminar Technologies in the 3rd quarter worth about $316,000. 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.