Luminar Technologies (NASDAQ:LAZR) Shares Down 10.4% – Should You Sell?

Luminar Technologies, Inc. (NASDAQ:LAZR) shares were down 10.4% on Friday . The company traded as low as $9.72 and last traded at $9.73. Approximately 448,384 shares traded hands during trading, a decline of 59% from the average daily volume of 1,084,595 shares. The stock had previously closed at $10.86.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Citigroup cut their price target on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, August 16th. JPMorgan Chase & Co. cut their target price on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Monday, August 19th. Craig Hallum lowered their price target on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a report on Tuesday, November 12th. The Goldman Sachs Group cut their price objective on shares of Luminar Technologies from $0.75 to $0.50 and set a “sell” rating for the company in a report on Thursday, November 14th. Finally, Westpark Capital reissued a “buy” rating and issued a $9.00 target price on shares of Luminar Technologies in a report on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Luminar Technologies presently has an average rating of “Hold” and a consensus price target of $3.34.

Luminar Technologies Stock Down 16.9 %

The business’s fifty day moving average is $1.06 and its two-hundred day moving average is $1.29. The stock has a market capitalization of $4.46 billion, a PE ratio of -11.25 and a beta of 1.61.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings data on Monday, November 11th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.06. The business had revenue of $15.49 million during the quarter, compared to analysts’ expectations of $17.70 million. During the same period in the previous year, the business earned ($0.33) earnings per share. The business’s quarterly revenue was down 8.6% on a year-over-year basis. Sell-side analysts expect that Luminar Technologies, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Trading of Luminar Technologies

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Luminar Technologies by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock worth $53,239,000 after purchasing an additional 1,319,480 shares during the period. Geode Capital Management LLC boosted its position in shares of Luminar Technologies by 17.9% during the third quarter. Geode Capital Management LLC now owns 8,774,934 shares of the company’s stock valued at $7,896,000 after buying an additional 1,331,067 shares during the period. State Street Corp grew its stake in shares of Luminar Technologies by 2.7% during the third quarter. State Street Corp now owns 8,525,374 shares of the company’s stock valued at $7,670,000 after buying an additional 225,223 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Luminar Technologies by 16.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock worth $2,691,000 after buying an additional 425,335 shares during the period. Finally, Barclays PLC raised its holdings in shares of Luminar Technologies by 469.2% in the third quarter. Barclays PLC now owns 842,288 shares of the company’s stock worth $757,000 after buying an additional 694,315 shares during the period. 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.