JPMorgan Chase & Co. Lowers Luminar Technologies (NASDAQ:LAZR) Price Target to $6.00

Luminar Technologies (NASDAQ:LAZR) had its target price dropped by stock analysts at JPMorgan Chase & Co. from $8.00 to $6.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock.

Other equities research analysts have also issued research reports about the stock. Citigroup decreased their target price on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Westpark Capital reaffirmed a “buy” rating and issued a $9.00 target price on shares of Luminar Technologies in a report on Tuesday, August 6th. Rosenblatt Securities dropped their price target on shares of Luminar Technologies from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group dropped their price target on shares of Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the stock in a research note on Thursday, July 11th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Luminar Technologies has an average rating of “Hold” and an average target price of $4.17.

Luminar Technologies Price Performance

LAZR opened at $0.99 on Monday. The firm has a fifty day moving average price of $1.45 and a 200 day moving average price of $1.73. Luminar Technologies has a 1 year low of $0.79 and a 1 year high of $6.23. The stock has a market cap of $441.66 million, a P/E ratio of -0.72 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The company had revenue of $16.50 million for the quarter, compared to analyst estimates of $20.36 million. The business’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.37) earnings per share. Equities analysts expect that Luminar Technologies will post -1 EPS for the current year.

Institutional Investors Weigh In On Luminar Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Optas LLC acquired a new stake in shares of Luminar Technologies during the 2nd quarter worth approximately $26,000. Invst LLC acquired a new stake in shares of Luminar Technologies during the 2nd quarter worth approximately $28,000. Evergreen Wealth Solutions LLC acquired a new stake in shares of Luminar Technologies during the 1st quarter worth approximately $39,000. 180 Wealth Advisors LLC lifted its position in shares of Luminar Technologies by 27.0% during the 2nd quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company’s stock worth $39,000 after buying an additional 5,592 shares during the period. Finally, Algert Global LLC bought a new position in shares of Luminar Technologies during the 2nd quarter worth approximately $42,000. 30.99% of the stock is owned by hedge funds and other 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.