Luminar Technologies (NASDAQ:LAZR) Trading Down 3.4%

Luminar Technologies, Inc. (NASDAQ:LAZR) was 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 traded hands during mid-day trading, a decline of 83% from the average daily volume of 7,873,247 shares. The stock had previously closed at $1.33.

Wall Street Analyst Weigh In

LAZR has been the topic of a number of research analyst reports. Rosenblatt Securities lowered their price objective 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 lowered their price target on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a report on Thursday, February 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $4.00 price objective (down from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Bank of America restated an “underperform” rating and issued a $1.20 target price (down previously from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $8.00 price target (down from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Luminar Technologies currently has an average rating of “Hold” and an average target price of $7.09.

Luminar Technologies Stock Up 0.8 %

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

Luminar Technologies (NASDAQ:LAZR) last released its earnings results on Tuesday, February 27th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The company had revenue of $22.11 million for the quarter, compared to analysts’ expectations of $27.25 million. Equities research analysts forecast that Luminar Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Several hedge funds have recently made changes to their positions in LAZR. Vahanian & Associates Financial Planning Inc. acquired a new position in Luminar Technologies in the 4th quarter valued at approximately $41,000. 180 Wealth Advisors LLC boosted its stake in Luminar Technologies by 65.1% during the first quarter. 180 Wealth Advisors LLC now owns 20,702 shares of the company’s stock worth $41,000 after buying an additional 8,161 shares in the last quarter. Leo Wealth LLC bought a new position in shares of Luminar Technologies during the 4th quarter worth about $43,000. Russell Investments Group Ltd. bought a new position in shares of Luminar Technologies during the 2nd quarter worth approximately $43,000. Finally, Brave Asset Management Inc. bought a new position in Luminar Technologies during the 4th quarter valued at about $49,000. Institutional investors own 30.99% of the company’s stock.

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.