Craig Hallum Has Lowered Expectations for Luminar Technologies (NASDAQ:LAZR) Stock Price

Luminar Technologies (NASDAQ:LAZR) had its target price trimmed by Craig Hallum from $1.50 to $1.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

LAZR has been the topic of several other reports. JPMorgan Chase & Co. reduced their target price on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Monday, August 19th. Westpark Capital reissued a “buy” rating and issued a $9.00 price objective on shares of Luminar Technologies in a research note on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $1.00 price objective on shares of Luminar Technologies in a research report on Tuesday, September 10th. Rosenblatt Securities reiterated a “neutral” rating and issued a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Finally, Citigroup lowered their target price on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.34.

Luminar Technologies Stock Performance

Shares of Luminar Technologies stock opened at $0.98 on Tuesday. The firm has a 50-day moving average of $0.86 and a 200-day moving average of $1.24. Luminar Technologies has a 52-week low of $0.73 and a 52-week high of $3.69. The stock has a market cap of $483.88 million, a PE ratio of -1.10 and a beta of 1.61.

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

Institutional Trading of Luminar Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Optas LLC acquired a new stake in Luminar Technologies during the 2nd quarter worth approximately $26,000. Invst LLC acquired a new position in shares of Luminar Technologies during the second quarter worth $28,000. Evergreen Wealth Solutions LLC acquired a new position in shares of Luminar Technologies during the first quarter worth $39,000. 180 Wealth Advisors LLC grew its stake in shares of Luminar Technologies by 27.0% in the second quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company’s stock worth $39,000 after purchasing an additional 5,592 shares during the last quarter. Finally, PEAK6 Investments LLC bought a new position in Luminar Technologies during the 3rd quarter worth $25,000. 30.99% of the stock is currently owned by institutional investors.

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.