Luminar Technologies (NASDAQ:LAZR) Stock Price Down 8.7%

Luminar Technologies, Inc. (NASDAQ:LAZR) shares fell 8.7% during trading on Thursday . The stock traded as low as $1.77 and last traded at $1.79. 4,497,533 shares were traded during trading, a decline of 46% from the average session volume of 8,359,083 shares. The stock had previously closed at $1.96.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on LAZR. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $8.00 price target (down from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $4.00 target price (down from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Bank of America reaffirmed an “underperform” rating and issued a $1.20 price target (down previously from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. The Goldman Sachs Group reduced their price objective on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a research note on Thursday, February 29th. Finally, Rosenblatt Securities dropped their target price on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.39.

Luminar Technologies Price Performance

The business’s fifty day moving average price is $1.74 and its 200 day moving average price is $2.49. The stock has a market cap of $748.85 million, a P/E ratio of -1.33 and a beta of 1.54.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings data 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 analyst estimates of $27.25 million. On average, analysts predict that Luminar Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

Several large investors have recently bought and sold shares of LAZR. Vahanian & Associates Financial Planning Inc. acquired a new position in shares of Luminar Technologies during the fourth quarter worth $41,000. 180 Wealth Advisors LLC raised its position in Luminar Technologies by 65.1% during the 1st quarter. 180 Wealth Advisors LLC now owns 20,702 shares of the company’s stock worth $41,000 after purchasing an additional 8,161 shares during the last quarter. Leo Wealth LLC acquired a new position in Luminar Technologies during the 4th quarter worth about $43,000. Brave Asset Management Inc. bought a new stake in shares of Luminar Technologies in the 4th quarter valued at about $49,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Luminar Technologies in the fourth quarter valued at about $55,000. 30.99% of the stock is currently owned by institutional investors.

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.