Traders Buy High Volume of Luminar Technologies Call Options (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR) was the recipient of unusually large options trading on Wednesday. Stock investors acquired 59,186 call options on the stock. This is an increase of 718% compared to the typical volume of 7,234 call options.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new position in shares of Luminar Technologies in the 1st quarter valued at $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Luminar Technologies in the fourth quarter worth about $40,000. GAMMA Investing LLC grew its stake in shares of Luminar Technologies by 1,077.9% in the first quarter. GAMMA Investing LLC now owns 9,470 shares of the company’s stock valued at $51,000 after buying an additional 8,666 shares in the last quarter. CWM LLC raised its holdings in shares of Luminar Technologies by 1,194.5% during the 1st quarter. CWM LLC now owns 9,877 shares of the company’s stock valued at $53,000 after buying an additional 9,114 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Luminar Technologies during the 1st quarter worth approximately $90,000. 30.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. restated a “neutral” rating on shares of Luminar Technologies in a research report on Thursday, May 15th. The Goldman Sachs Group cut their price target on shares of Luminar Technologies from $3.50 to $2.00 and set a “sell” rating for the company in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $53.86.

Luminar Technologies Price Performance

NASDAQ LAZR opened at $3.27 on Thursday. Luminar Technologies has a 12 month low of $3.23 and a 12 month high of $32.70. The company has a 50-day moving average of $3.96 and a 200-day moving average of $5.48. The company has a market cap of $153.29 million, a P/E ratio of -0.25 and a beta of 2.01.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($1.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.75) by $0.25. The company had revenue of $18.89 million during the quarter, compared to analyst estimates of $16.27 million. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.19) EPS. As a group, equities research analysts anticipate that Luminar Technologies will post -14.2 EPS for the current year.

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.