Luminar Technologies (NASDAQ:LAZR) Trading Up 7.5% – Here’s What Happened

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) were up 7.5% during mid-day trading on Wednesday . The company traded as high as $1.23 and last traded at $1.22. Approximately 6,999,421 shares changed hands during trading, a decline of 54% from the average daily volume of 15,345,667 shares. The stock had previously closed at $1.13.

Analysts Set New Price Targets

Several research analysts recently weighed in on LAZR shares. Westpark Capital reaffirmed a “buy” rating and issued a $9.00 target price on shares of Luminar Technologies in a report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.00 target price on shares of Luminar Technologies in a report on Tuesday, September 10th. 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. Craig Hallum dropped their price objective on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating for the company in a report on Tuesday. Finally, Citigroup dropped their price objective 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. Two 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.40.

Luminar Technologies Price Performance

The stock’s 50-day moving average is $0.85 and its two-hundred day moving average is $1.25.

Luminar Technologies (NASDAQ:LAZR) last issued its earnings results on Monday, November 11th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.06. 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 prior year, the company earned ($0.33) earnings per share. Luminar Technologies’s revenue was down 8.6% on a year-over-year basis. As a group, equities research analysts predict that Luminar Technologies, Inc. will post -0.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Optas LLC bought a new position in shares of Luminar Technologies during the second quarter valued at approximately $26,000. Invst LLC bought a new position in shares of Luminar Technologies during the second quarter valued at approximately $28,000. Evergreen Wealth Solutions LLC acquired a new stake in Luminar Technologies in the first quarter valued at approximately $39,000. 180 Wealth Advisors LLC boosted its stake in Luminar Technologies by 27.0% in the second quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company’s stock valued at $39,000 after acquiring an additional 5,592 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in Luminar Technologies in the second quarter valued at approximately $42,000. 30.99% of the stock is currently owned by institutional investors.

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.