Luminar Technologies, Inc. (NASDAQ:LAZR – Get Free Report) dropped 5.3% during mid-day trading on Tuesday . The stock traded as low as $2.67 and last traded at $2.68. Approximately 865,505 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 8,323,127 shares. The stock had previously closed at $2.83.
Wall Street Analyst Weigh In
A number of brokerages have commented on LAZR. Citigroup lowered their price target on Luminar Technologies from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Wednesday, August 16th. Rosenblatt Securities reiterated a “neutral” rating and issued a $6.00 target price on shares of Luminar Technologies in a research report on Wednesday, August 9th. The Goldman Sachs Group reduced their price target on shares of Luminar Technologies from $3.50 to $3.00 and set a “sell” rating for the company in a research report on Thursday, November 9th. Finally, Bank of America initiated coverage on shares of Luminar Technologies in a report on Tuesday, September 26th. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $11.71.
Luminar Technologies Trading Down 6.4 %
Insider Activity at Luminar Technologies
In related news, CFO Thomas Fennimore sold 18,305 shares of Luminar Technologies stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $5.57, for a total value of $101,958.85. Following the completion of the transaction, the chief financial officer now owns 692,699 shares in the company, valued at approximately $3,858,333.43. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Alan Prescott sold 42,171 shares of Luminar Technologies stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $5.57, for a total value of $234,892.47. Following the sale, the insider now directly owns 1,467,282 shares in the company, valued at approximately $8,172,760.74. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas Fennimore sold 18,305 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $5.57, for a total value of $101,958.85. Following the sale, the chief financial officer now owns 692,699 shares of the company’s stock, valued at $3,858,333.43. The disclosure for this sale can be found here. 29.26% of the stock is owned by company insiders.
Institutional Trading of Luminar Technologies
A number of institutional investors have recently made changes to their positions in LAZR. Armstrong Advisory Group Inc. purchased a new position in Luminar Technologies in the 2nd quarter valued at $27,000. Spotlight Asset Group Inc. purchased a new position in shares of Luminar Technologies in the second quarter worth about $28,000. Russell Investments Group Ltd. acquired a new position in Luminar Technologies during the second quarter worth about $43,000. Psagot Value Holdings Ltd. Israel purchased a new stake in Luminar Technologies during the 1st quarter valued at about $49,000. Finally, 180 Wealth Advisors LLC acquired a new stake in Luminar Technologies in the 3rd quarter valued at about $51,000. 60.82% of the stock is 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.
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