Luminar Technologies (NASDAQ:LAZR) Stock Price Up 10%

Luminar Technologies, Inc. (NASDAQ:LAZR) rose 10% on Friday . The stock traded as high as $1.67 and last traded at $1.65. Approximately 4,321,481 shares were traded during trading, a decline of 44% from the average daily volume of 7,651,222 shares. The stock had previously closed at $1.50.

Wall Street Analyst Weigh In

LAZR has been the subject of several research analyst reports. Rosenblatt Securities cut their price objective on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company 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. Bank of America restated an “underperform” rating and set a $1.20 price target (down from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. JPMorgan Chase & Co. restated 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. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $4.00 price target (down from $11.00) on shares of Luminar Technologies in a research note on Wednesday, January 17th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Luminar Technologies currently has an average rating of “Hold” and an average target price of $6.39.

Luminar Technologies Trading Up 12.0 %

The firm has a market cap of $708.78 million, a price-to-earnings ratio of -1.14 and a beta of 1.54. The company has a 50 day moving average of $1.79 and a 200 day moving average of $2.56.

Luminar Technologies (NASDAQ:LAZR) last announced 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 firm had revenue of $22.11 million during the quarter, compared to the consensus estimate of $27.25 million. Equities analysts forecast that Luminar Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Several hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System lifted its position in Luminar Technologies by 10.6% during the third quarter. Arizona State Retirement System now owns 71,898 shares of the company’s stock worth $327,000 after acquiring an additional 6,916 shares during the last quarter. Tyler Stone Wealth Management lifted its position in Luminar Technologies by 71.8% during the third quarter. Tyler Stone Wealth Management now owns 17,700 shares of the company’s stock worth $81,000 after acquiring an additional 7,400 shares during the last quarter. Principal Financial Group Inc. lifted its position in Luminar Technologies by 23.7% during the first quarter. Principal Financial Group Inc. now owns 39,157 shares of the company’s stock worth $77,000 after acquiring an additional 7,510 shares during the last quarter. Victory Capital Management Inc. lifted its position in Luminar Technologies by 27.9% during the fourth quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock worth $117,000 after acquiring an additional 7,564 shares during the last quarter. Finally, 180 Wealth Advisors LLC lifted its position 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 acquiring an additional 8,161 shares during the last quarter. 30.99% of the stock is currently owned by institutional investors and hedge funds.

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.