Luminar Technologies (NASDAQ:LAZR) Releases Earnings Results, Beats Expectations By $0.06 EPS

Luminar Technologies (NASDAQ:LAZR) posted its quarterly earnings results on Monday. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06, Briefing.com reports. The business had revenue of $15.49 million during the quarter, compared to analysts’ expectations of $17.70 million. During the same quarter last year, the firm earned ($0.33) earnings per share. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year.

Luminar Technologies Price Performance

Shares of NASDAQ LAZR opened at $1.13 on Wednesday. Luminar Technologies has a 1-year low of $0.73 and a 1-year high of $3.69. The business has a 50-day moving average of $0.85 and a 200-day moving average of $1.25. The company has a market capitalization of $557.95 million, a price-to-earnings ratio of -1.27 and a beta of 1.61.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on LAZR shares. Craig Hallum decreased their price target on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a research note on Tuesday. Rosenblatt Securities restated a “neutral” rating and issued a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Westpark Capital restated a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a research note on Tuesday, August 6th. Citigroup reduced their price objective on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. reduced their price objective on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $3.40.

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.