Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.44

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $1.44, but opened at $1.48. Luminar Technologies shares last traded at $1.39, with a volume of 1,663,615 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently commented on LAZR. The Goldman Sachs Group cut their price target on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a report on Thursday, February 29th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $4.00 price target (down previously from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. Bank of America reiterated an “underperform” rating and set a $1.20 price objective (down from $3.50) on shares of Luminar Technologies in a research note on Wednesday. Rosenblatt Securities decreased their target price on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $8.00 price target (down from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.09.

Luminar Technologies Price Performance

The company has a market cap of $548.46 million, a price-to-earnings ratio of -0.88 and a beta of 1.48. The stock has a 50 day simple moving average of $2.15 and a two-hundred day simple moving average of $2.83.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly 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 firm had revenue of $22.11 million for the quarter, compared to analysts’ expectations of $27.25 million. As a group, research analysts forecast that Luminar Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Trading of Luminar Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in LAZR. Global Assets Advisory LLC lifted its holdings in Luminar Technologies by 110.0% in the first quarter. Global Assets Advisory LLC now owns 42,000 shares of the company’s stock valued at $83,000 after acquiring an additional 22,000 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Luminar Technologies in the 4th quarter valued at $67,000. Leo Wealth LLC purchased a new position in shares of Luminar Technologies during the 4th quarter worth $43,000. Vanguard Group Inc. increased its position in shares of Luminar Technologies by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock worth $86,627,000 after purchasing an additional 1,671,708 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Luminar Technologies by 101.8% in the fourth quarter. Legal & General Group Plc now owns 4,107,104 shares of the company’s stock valued at $13,841,000 after buying an additional 2,072,056 shares during the last quarter. Institutional investors and hedge funds own 30.99% of the company’s stock.

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.