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

Luminar Technologies, Inc. (NASDAQ:LAZR) saw some unusual options trading activity on Tuesday. Stock traders purchased 17,361 call options on the stock. This represents an increase of approximately 49% compared to the typical volume of 11,689 call options.

Luminar Technologies Trading Down 7.1 %

LAZR stock opened at $1.05 on Thursday. The firm has a 50 day moving average of $0.86 and a 200-day moving average of $1.25. The company has a market cap of $518.45 million, a price-to-earnings ratio of -1.18 and a beta of 1.61. Luminar Technologies has a 12-month low of $0.73 and a 12-month high of $3.69.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings data on Monday, November 11th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.06. The firm had revenue of $15.49 million for the quarter, compared to analyst estimates of $17.70 million. During the same period in the prior year, the firm posted ($0.33) earnings per share. The business’s revenue for the quarter was down 8.6% compared to the same quarter last year. Sell-side analysts forecast that Luminar Technologies will post -0.97 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on LAZR shares. Rosenblatt Securities reissued a “neutral” rating and issued a $2.00 target price on shares of Luminar Technologies in a report on Wednesday, October 2nd. JPMorgan Chase & Co. decreased their price objective on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Monday, August 19th. Craig Hallum dropped their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a report on Tuesday. Citigroup decreased their price target on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, Westpark Capital reiterated a “buy” rating and issued a $9.00 price objective on shares of Luminar Technologies in a research report on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $3.40.

Institutional Investors Weigh In On Luminar Technologies

A number of large investors have recently added to or reduced their stakes in the business. PEAK6 Investments LLC purchased a new stake in shares of Luminar Technologies in the third quarter valued at about $25,000. Optas LLC purchased a new stake in Luminar Technologies in the 2nd quarter valued at approximately $26,000. Invst LLC acquired a new stake in Luminar Technologies during the 2nd quarter valued at $28,000. Tyler Stone Wealth Management increased its position in Luminar Technologies by 70.5% during the third quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock worth $33,000 after buying an additional 15,300 shares in the last quarter. Finally, Evergreen Wealth Solutions LLC acquired a new position in shares of Luminar Technologies in the first quarter worth $39,000. 30.99% of the stock is 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.