Luminar Technologies (NASDAQ:LAZR) Stock Price Down 4.9%

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price traded down 4.9% during mid-day trading on Friday . The stock traded as low as $1.54 and last traded at $1.55. 1,996,717 shares changed hands during trading, a decline of 76% from the average session volume of 8,198,489 shares. The stock had previously closed at $1.63.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Citigroup lowered their target price on Luminar Technologies from $11.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Bank of America reaffirmed an “underperform” rating and set a $1.20 target price (down from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $8.00 target price (down from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Finally, The Goldman Sachs Group lowered their target price on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a research report on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $4.45.

Luminar Technologies Price Performance

The company has a 50 day moving average price of $1.55 and a 200 day moving average price of $2.14.

Luminar Technologies (NASDAQ:LAZR) last issued its earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting the consensus estimate of ($0.30). The firm had revenue of $20.97 million during the quarter, compared to analyst estimates of $22.09 million. Analysts anticipate that Luminar Technologies, Inc. will post -1 earnings per share for the current year.

Institutional Trading of Luminar Technologies

Several large investors have recently made changes to their positions in the company. Virtu Financial LLC acquired a new stake in shares of Luminar Technologies in the 1st quarter valued at about $163,000. Evergreen Wealth Solutions LLC acquired a new position in Luminar Technologies during the 1st quarter valued at about $39,000. Price T Rowe Associates Inc. MD boosted its stake in Luminar Technologies by 30.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 149,030 shares of the company’s stock valued at $294,000 after purchasing an additional 34,566 shares during the last quarter. Caz Investments LP boosted its stake in Luminar Technologies by 25.0% during the 1st quarter. Caz Investments LP now owns 150,000 shares of the company’s stock valued at $296,000 after purchasing an additional 30,000 shares during the last quarter. Finally, Boulder Hill Capital Management LP acquired a new position in Luminar Technologies during the 1st quarter valued at about $1,375,000. 30.99% of the stock is currently owned by institutional investors and hedge funds.

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.