Luminar Technologies (NASDAQ:LAZR) Posts Earnings Results, Beats Expectations By $0.06 EPS

Luminar Technologies (NASDAQ:LAZR) posted its quarterly earnings results on Monday. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.06, Briefing.com reports. The company had revenue of $15.49 million during the quarter, compared to the consensus estimate of $17.70 million. During the same quarter in the previous year, the company posted ($0.33) earnings per share. The company’s revenue for the quarter was down 8.6% on a year-over-year basis.

Luminar Technologies Trading Up 10.8 %

Shares of LAZR stock traded up $0.11 during trading hours on Tuesday, reaching $1.13. 34,458,292 shares of the company’s stock were exchanged, compared to its average volume of 15,383,319. The company has a market cap of $557.95 million, a price-to-earnings ratio of -0.89 and a beta of 1.61. Luminar Technologies has a fifty-two week low of $0.73 and a fifty-two week high of $3.69. The stock’s 50 day moving average is $0.85 and its 200-day moving average is $1.25.

Wall Street Analysts Forecast Growth

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

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.