Luminar Technologies, Inc. (NASDAQ:LAZR) Expected to Announce Quarterly Sales of $8.98 Million

Analysts expect that Luminar Technologies, Inc. (NASDAQ:LAZR) will post sales of $8.98 million for the current quarter, Zacks reports. Two analysts have made estimates for Luminar Technologies’ earnings, with the highest sales estimate coming in at $9.45 million and the lowest estimate coming in at $8.50 million. The firm is scheduled to issue its next quarterly earnings report on Thursday, November 11th.

On average, analysts expect that Luminar Technologies will report full-year sales of $31.14 million for the current financial year, with estimates ranging from $30.10 million to $32.17 million. For the next fiscal year, analysts anticipate that the firm will report sales of $46.50 million, with estimates ranging from $43.50 million to $49.50 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Luminar Technologies.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings data on Thursday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.13). The business had revenue of $6.31 million for the quarter, compared to analyst estimates of $6.38 million.

Several equities analysts have recently issued reports on the company. Robert W. Baird upgraded Luminar Technologies from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $22.00 to $30.00 in a research report on Friday, June 25th. Zacks Investment Research upgraded Luminar Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $30.90.

In related news, CEO Austin Russell sold 10,500,000 shares of the company’s stock in a transaction on Thursday, July 1st. The shares were sold at an average price of $21.00, for a total value of $220,500,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Simoncini acquired 22,727 shares of the firm’s stock in a transaction that occurred on Thursday, July 1st. The stock was acquired at an average price of $22.00 per share, with a total value of $499,994.00. The disclosure for this purchase can be found here. Corporate insiders own 43.25% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in LAZR. US Bancorp DE boosted its holdings in Luminar Technologies by 81.1% during the first quarter. US Bancorp DE now owns 3,015 shares of the company’s stock valued at $73,000 after acquiring an additional 1,350 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Luminar Technologies by 196.0% during the first quarter. Commonwealth Equity Services LLC now owns 120,630 shares of the company’s stock valued at $2,932,000 after acquiring an additional 79,876 shares during the period. Bank of Nova Scotia bought a new stake in Luminar Technologies during the first quarter valued at about $286,000. Prime Capital Investment Advisors LLC boosted its holdings in Luminar Technologies by 89.3% during the first quarter. Prime Capital Investment Advisors LLC now owns 47,304 shares of the company’s stock valued at $1,150,000 after acquiring an additional 22,311 shares during the period. Finally, Cypress Capital Management LLC WY bought a new stake in Luminar Technologies during the first quarter valued at about $1,288,000. Institutional investors own 16.83% of the company’s stock.

Shares of NASDAQ LAZR traded up $0.50 during midday trading on Thursday, hitting $17.32. 3,231,853 shares of the company’s stock were exchanged, compared to its average volume of 5,380,788. The stock’s 50 day moving average price is $17.29 and its 200-day moving average price is $20.75. Luminar Technologies has a twelve month low of $9.95 and a twelve month high of $47.80.

Luminar Technologies Company Profile

Luminar Technologies, Inc operates as a vehicle sensor and software company for passenger cars and commercial trucks. The company operates in two segments, Autonomy Solutions and Other Component Sales. The Autonomy Solutions segment designs, manufactures, and sells lidar sensors, and related perception and autonomy software solutions for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and other related industries.

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