The Goldman Sachs Group Cuts Luminar Technologies (NASDAQ:LAZR) Price Target to $0.50

Luminar Technologies (NASDAQ:LAZR) had its price objective cut by The Goldman Sachs Group from $0.75 to $0.50 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a sell rating on the stock.

Several other analysts have also recently weighed in on LAZR. JPMorgan Chase & Co. dropped their price target on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Monday, August 19th. Craig Hallum cut their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating for the company in a research note on Tuesday, November 12th. Citigroup decreased their price target on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Rosenblatt Securities reissued a “neutral” rating and set a $2.00 price objective on shares of Luminar Technologies in a research report on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.00 price objective on shares of Luminar Technologies in a report on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $3.34.

Luminar Technologies Trading Down 4.9 %

Shares of Luminar Technologies stock opened at $0.98 on Thursday. The business’s 50 day moving average price is $0.86 and its 200 day moving average price is $1.24. Luminar Technologies has a one year low of $0.73 and a one year high of $3.69.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Monday, November 11th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.06. The company had revenue of $15.49 million for the quarter, compared to analysts’ expectations of $17.70 million. During the same quarter in the prior year, the firm earned ($0.33) EPS. The firm’s revenue was down 8.6% on a year-over-year basis. Analysts forecast that Luminar Technologies will post -0.97 earnings per share for the current year.

Hedge Funds Weigh In On Luminar Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC lifted its position in shares of Luminar Technologies by 16.0% during the first quarter. ProShare Advisors LLC now owns 52,321 shares of the company’s stock worth $103,000 after purchasing an additional 7,222 shares in the last quarter. Blair William & Co. IL lifted its holdings in Luminar Technologies by 59.3% during the 1st quarter. Blair William & Co. IL now owns 399,223 shares of the company’s stock worth $786,000 after buying an additional 148,618 shares in the last quarter. Vanguard Group Inc. boosted its position in Luminar Technologies by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock valued at $53,239,000 after buying an additional 1,319,480 shares during the period. American International Group Inc. boosted its position in Luminar Technologies by 6.0% in the 1st quarter. American International Group Inc. now owns 143,517 shares of the company’s stock valued at $283,000 after buying an additional 8,089 shares during the period. Finally, Boulder Hill Capital Management LP purchased a new stake in shares of Luminar Technologies during the first quarter worth $1,375,000. 30.99% of the stock is currently owned by hedge funds and other institutional investors.

Luminar Technologies Company Profile

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.