Luminar Technologies Sees Unusually High Options Volume (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR) saw some unusual options trading on Wednesday. Investors bought 15,793 call options on the company. This is an increase of 63% compared to the typical volume of 9,673 call options.

Luminar Technologies Price Performance

Luminar Technologies stock opened at $1.96 on Thursday. The firm has a market capitalization of $826.90 million, a P/E ratio of -1.33 and a beta of 1.54. Luminar Technologies has a 1-year low of $1.21 and a 1-year high of $8.32. The company’s 50-day moving average is $1.75 and its 200 day moving average is $2.49.

Luminar Technologies (NASDAQ:LAZR) last released its earnings results on Tuesday, February 27th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The firm had revenue of $22.11 million during the quarter, compared to analysts’ expectations of $27.25 million. Research analysts anticipate that Luminar Technologies will post -1.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

Several hedge funds have recently bought and sold shares of the business. Vahanian & Associates Financial Planning Inc. bought a new position in shares of Luminar Technologies in the fourth quarter worth about $41,000. 180 Wealth Advisors LLC grew its stake in Luminar Technologies by 65.1% in the 1st quarter. 180 Wealth Advisors LLC now owns 20,702 shares of the company’s stock worth $41,000 after acquiring an additional 8,161 shares in the last quarter. Leo Wealth LLC purchased a new position in shares of Luminar Technologies during the fourth quarter worth approximately $43,000. Brave Asset Management Inc. purchased a new position in shares of Luminar Technologies during the fourth quarter worth approximately $49,000. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in shares of Luminar Technologies during the fourth quarter valued at approximately $55,000. Institutional investors own 30.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on LAZR. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $4.00 target price (down from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Bank of America restated an “underperform” rating and issued a $1.20 target price (down from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. The Goldman Sachs Group decreased their target price 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. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Finally, Rosenblatt Securities lowered their price objective on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research note on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.39.

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.