Luminar Technologies Target of Unusually High Options Trading (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR) saw unusually large options trading on Monday. Traders purchased 50,423 put options on the stock. This is an increase of approximately 117% compared to the average daily volume of 23,215 put options.

Luminar Technologies Stock Performance

LAZR opened at $0.31 on Wednesday. The company has a market cap of $24.37 million, a price-to-earnings ratio of -0.06 and a beta of 1.47. Luminar Technologies has a one year low of $0.30 and a one year high of $10.40. The business’s fifty day moving average is $1.31 and its two-hundred day moving average is $2.13.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.94) earnings per share for the quarter, topping the consensus estimate of ($1.08) by $0.14. The company had revenue of $18.75 million for the quarter, compared to analysts’ expectations of $17.56 million. On average, analysts predict that Luminar Technologies will post -14.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on LAZR shares. Wall Street Zen upgraded Luminar Technologies from a “sell” rating to a “hold” rating in a research note on Monday, November 24th. Weiss Ratings restated a “sell (e+)” rating on shares of Luminar Technologies in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Luminar Technologies in a research report on Monday, November 3rd. Three research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of “Strong Sell” and an average price target of $2.00.

Hedge Funds Weigh In On Luminar Technologies

Institutional investors have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Luminar Technologies during the second quarter worth $1,424,000. Invesco Ltd. acquired a new stake in Luminar Technologies in the 1st quarter worth about $881,000. Nuveen LLC purchased a new stake in Luminar Technologies in the 1st quarter valued at about $293,000. Virtu Financial LLC acquired a new position in shares of Luminar Technologies during the 1st quarter valued at about $128,000. Finally, Rafferty Asset Management LLC purchased a new position in shares of Luminar Technologies during the 1st quarter worth about $102,000. Institutional investors and hedge funds 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.