Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.34

Luminar Technologies, Inc. (NASDAQ:LAZR) shares gapped up prior to trading on Tuesday . The stock had previously closed at $1.34, but opened at $1.45. Luminar Technologies shares last traded at $1.40, with a volume of 1,148,668 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on LAZR shares. Bank of America restated an “underperform” rating and set a $1.20 target price (down from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. Citigroup reduced their price objective on shares of Luminar Technologies from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Westpark Capital reissued a “buy” rating and issued a $9.00 target price on shares of Luminar Technologies in a report on Tuesday. Finally, The Goldman Sachs Group lowered their price objective on Luminar Technologies from $1.50 to $1.00 and set a “sell” rating for the company in a research report on Thursday, July 11th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Luminar Technologies currently has an average rating of “Hold” and an average price target of $5.03.

Luminar Technologies Price Performance

The firm has a market cap of $626.10 million, a price-to-earnings ratio of -1.02 and a beta of 1.62. The stock has a 50-day moving average price of $1.57 and a 200 day moving average price of $1.86.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, hitting the consensus estimate of ($0.30). The firm had revenue of $20.97 million for the quarter, compared to analyst estimates of $22.09 million. As a group, equities research analysts predict that Luminar Technologies, Inc. will post -1 earnings per share for the current year.

Hedge Funds Weigh In On Luminar Technologies

Institutional investors have recently modified their holdings of the business. Raymond James & Associates increased its stake in Luminar Technologies by 39.3% in the fourth quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock valued at $3,353,000 after purchasing an additional 280,775 shares during the period. Victory Capital Management Inc. lifted its holdings in Luminar Technologies by 27.9% in the fourth quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock valued at $117,000 after acquiring an additional 7,564 shares during the period. Vanguard Group Inc. boosted 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Luminar Technologies by 48.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 714,135 shares of the company’s stock valued at $2,407,000 after purchasing an additional 232,024 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Luminar Technologies in the 1st quarter valued at about $214,000. 30.99% of the stock is owned by institutional investors and hedge funds.

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.