Bank of America Reiterates Underperform Rating for Luminar Technologies (NASDAQ:LAZR)

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

LAZR has been the subject of several other reports. JPMorgan Chase & Co. restated an overweight rating and issued a $8.00 price objective (down from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft reiterated a hold rating and issued a $4.00 target price (down previously from $11.00) on shares of Luminar Technologies in a research note on Wednesday, January 17th. The Goldman Sachs Group cut their target price on Luminar Technologies from $2.00 to $1.50 and set a sell rating on the stock in a research note on Thursday, February 29th. Finally, Rosenblatt Securities cut their target price on Luminar Technologies from $5.00 to $3.00 and set a neutral rating on the stock in a research note on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Luminar Technologies presently has a consensus rating of Hold and an average price target of $7.09.

Luminar Technologies Price Performance

LAZR stock opened at $1.76 on Wednesday. The business has a 50-day moving average price of $2.21 and a 200 day moving average price of $2.87. The company has a market capitalization of $742.53 million, a P/E ratio of -1.20 and a beta of 1.48. Luminar Technologies has a 1-year low of $1.63 and a 1-year high of $8.32.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings data 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 company had revenue of $22.11 million during the quarter, compared to analysts’ expectations of $27.25 million. On average, analysts anticipate that Luminar Technologies will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Large investors have recently modified their holdings of the business. Russell Investments Group Ltd. purchased a new stake in shares of Luminar Technologies during the second quarter worth about $43,000. Waverly Advisors LLC purchased a new stake in shares of Luminar Technologies during the first quarter worth about $65,000. Caz Investments LP purchased a new stake in shares of Luminar Technologies during the second quarter worth about $69,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Luminar Technologies during the first quarter worth about $65,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of Luminar Technologies by 189.6% during 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 during the last quarter. 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.