Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.65

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $1.65, but opened at $1.76. Luminar Technologies shares last traded at $1.89, with a volume of 13,624,773 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have issued reports on LAZR shares. The Goldman Sachs Group decreased their price objective on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a report on Thursday, February 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $4.00 price target (down previously from $11.00) on shares of Luminar Technologies in a research note on Wednesday, January 17th. Rosenblatt Securities reduced their price objective on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research note on Wednesday, February 28th. Bank of America reiterated an “underperform” rating and issued a $1.20 target price (down previously from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.39.

Luminar Technologies Stock Up 23.3 %

The firm’s fifty day moving average price is $1.75 and its two-hundred day moving average price is $2.49. The stock has a market capitalization of $858.55 million, a PE ratio of -1.42 and a beta of 1.54.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The firm had revenue of $22.11 million during the quarter, compared to analysts’ expectations of $27.25 million. As a group, analysts predict that Luminar Technologies, Inc. will post -1.01 EPS for the current year.

Hedge Funds Weigh In On Luminar Technologies

Institutional investors have recently made changes to their positions in the business. Raymond James & Associates increased its holdings in Luminar Technologies by 39.3% during the fourth quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock valued at $3,353,000 after buying an additional 280,775 shares during the last quarter. Blair William & Co. IL raised its holdings in Luminar Technologies by 56.9% in the 3rd quarter. Blair William & Co. IL now owns 612,249 shares of the company’s stock worth $2,786,000 after purchasing an additional 221,929 shares during the period. Vanguard Group Inc. lifted its position in Luminar Technologies by 2.3% during the third quarter. Vanguard Group Inc. now owns 24,033,655 shares of the company’s stock valued at $109,353,000 after purchasing an additional 543,313 shares in the last quarter. Rafferty Asset Management LLC grew its holdings in Luminar Technologies by 19.3% during the third quarter. Rafferty Asset Management LLC now owns 172,755 shares of the company’s stock valued at $786,000 after purchasing an additional 27,985 shares during the period. Finally, Swiss National Bank increased its position in Luminar Technologies by 10.2% in the third quarter. Swiss National Bank now owns 555,100 shares of the company’s stock worth $2,526,000 after buying an additional 51,400 shares in the last quarter. Institutional investors own 30.99% of the company’s stock.

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.