Luminar Technologies, Inc. (NASDAQ:LAZR) Short Interest Up 15.7% in November

Luminar Technologies, Inc. (NASDAQ:LAZR) saw a significant increase in short interest in November. As of November 30th, there was short interest totalling 7,740,000 shares, an increase of 15.7% from the November 15th total of 6,690,000 shares. Currently, 30.2% of the company’s stock are short sold. Based on an average daily trading volume, of 2,520,000 shares, the short-interest ratio is presently 3.1 days.

Luminar Technologies Stock Down 5.5 %

LAZR opened at $6.07 on Tuesday. The stock has a market cap of $202.21 million, a P/E ratio of -0.46 and a beta of 1.53. The company has a fifty day simple moving average of $11.32 and a 200 day simple moving average of $16.13. Luminar Technologies has a 12 month low of $6.03 and a 12 month high of $55.35.

Luminar Technologies (NASDAQ:LAZR) last announced its earnings results on Monday, November 11th. The company reported ($2.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.30) by $0.90. The company had revenue of $15.49 million during the quarter, compared to analyst estimates of $17.70 million. Luminar Technologies’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the company posted ($4.95) earnings per share. On average, equities research analysts expect that Luminar Technologies will post -14.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LAZR. PEAK6 Investments LLC acquired a new stake in shares of Luminar Technologies in the third quarter valued at approximately $25,000. Optas LLC acquired a new position in shares of Luminar Technologies in the second quarter valued at $26,000. Invst LLC bought a new position in shares of Luminar Technologies in the second quarter valued at about $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Luminar Technologies during the 3rd quarter worth about $31,000. Finally, Tyler Stone Wealth Management grew its stake in Luminar Technologies by 70.5% in the 3rd quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock valued at $33,000 after buying an additional 15,300 shares during the last quarter. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Craig Hallum reduced their target price on Luminar Technologies from $22.50 to $15.00 and set a “hold” rating for the company in a report on Tuesday, November 12th. The Goldman Sachs Group lowered their target price on shares of Luminar Technologies from $11.25 to $7.50 and set a “sell” rating on the stock in a research note on Thursday, November 14th. JPMorgan Chase & Co. cut their target price on shares of Luminar Technologies from $120.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, August 19th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $30.00 price target on shares of Luminar Technologies in a research report on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 target price on shares of Luminar Technologies in a research report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.06.

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.