Luminar Technologies, Inc. (NASDAQ:LAZR) Sees Significant Increase in Short Interest

Luminar Technologies, Inc. (NASDAQ:LAZR) saw a significant increase in short interest in November. As of November 30th, there was short interest totalling 7,740,000 shares, an increase of 15.7% from the November 15th total of 6,690,000 shares. Based on an average trading volume of 2,520,000 shares, the short-interest ratio is currently 3.1 days. Currently, 30.2% of the shares of the company are sold short.

Institutional Trading of Luminar Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its position in Luminar Technologies by 17.9% in the third quarter. Geode Capital Management LLC now owns 8,774,934 shares of the company’s stock worth $7,896,000 after acquiring an additional 1,331,067 shares in the last quarter. State Street Corp boosted its holdings in shares of Luminar Technologies by 2.7% in the 3rd quarter. State Street Corp now owns 8,525,374 shares of the company’s stock worth $7,670,000 after purchasing an additional 225,223 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Luminar Technologies by 16.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock valued at $2,691,000 after purchasing an additional 425,335 shares during the last quarter. Barclays PLC lifted its position in Luminar Technologies by 469.2% in the 3rd 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 last quarter. Finally, XTX Topco Ltd boosted its stake in Luminar Technologies by 819.6% in the third quarter. XTX Topco Ltd now owns 649,175 shares of the company’s stock worth $584,000 after buying an additional 578,582 shares in the last quarter. Hedge funds and other institutional investors own 30.99% of the company’s stock.

Wall Street Analysts Forecast Growth

LAZR has been the subject of several research reports. Rosenblatt Securities restated a “neutral” rating and set a $30.00 price target on shares of Luminar Technologies in a research report on Wednesday, October 2nd. The Goldman Sachs Group reduced their target price on shares of Luminar Technologies from $11.25 to $7.50 and set a “sell” rating for the company in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $15.00 price target on shares of Luminar Technologies in a report on Tuesday, September 10th. JPMorgan Chase & Co. dropped their price objective on Luminar Technologies from $120.00 to $90.00 and set an “overweight” rating on the stock in a research note on Monday, August 19th. Finally, Craig Hallum decreased their target price on Luminar Technologies from $22.50 to $15.00 and set a “hold” rating for the company in a research report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $50.06.

Luminar Technologies Stock Down 7.4 %

Shares of LAZR opened at $6.42 on Friday. The business’s 50-day moving average price is $11.47 and its 200-day moving average price is $16.33. The stock has a market cap of $213.87 million, a PE ratio of -0.48 and a beta of 1.53. Luminar Technologies has a twelve month low of $6.34 and a twelve month high of $55.35.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings results on Monday, November 11th. The company reported ($2.40) EPS for the quarter, beating the consensus estimate of ($3.30) by $0.90. The firm had revenue of $15.49 million during the quarter, compared to the consensus estimate of $17.70 million. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the business earned ($4.95) earnings per share. Analysts expect that Luminar Technologies will post -14.2 earnings per share for the current fiscal year.

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.