Luminar Technologies (NASDAQ:LAZR) Shares Down 3.4%

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) were down 3.4% during mid-day trading on Wednesday . The company traded as low as $1.28 and last traded at $1.29. Approximately 1,340,487 shares were traded during trading, a decline of 83% from the average daily volume of 7,873,247 shares. The stock had previously closed at $1.33.

Analyst Upgrades and Downgrades

LAZR has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $4.00 target price (down from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $8.00 price objective (down previously from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Rosenblatt Securities dropped their price target on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 28th. The Goldman Sachs Group cut their price objective on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a research report on Thursday, February 29th. Finally, Bank of America reaffirmed an “underperform” rating and set a $1.20 price objective (down from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Luminar Technologies currently has a consensus rating of “Hold” and a consensus price target of $7.09.

Luminar Technologies Stock Performance

The stock has a 50-day moving average of $2.03 and a 200 day moving average of $2.76.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings data 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 company had revenue of $22.11 million during the quarter, compared to the consensus estimate of $27.25 million. As a group, analysts forecast that Luminar Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Trading of Luminar Technologies

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new position in shares of Luminar Technologies during the 2nd quarter worth about $43,000. Waverly Advisors LLC acquired a new position in shares of Luminar Technologies in the 1st quarter valued at $65,000. Caz Investments LP purchased a new position in shares of Luminar Technologies during the second quarter worth about $69,000. B. Riley Wealth Advisors Inc. purchased a new stake in Luminar Technologies in the first quarter valued at approximately $65,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Luminar Technologies by 189.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 10,145 shares of the company’s stock valued at $66,000 after acquiring an additional 6,642 shares during the period. 30.99% of the stock is currently owned by institutional investors and hedge funds.

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.