HighTower Advisors LLC Buys 7,590 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

HighTower Advisors LLC increased its stake in shares of Luminar Technologies, Inc. (NASDAQ:LAZR) by 27.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,922 shares of the company’s stock after acquiring an additional 7,590 shares during the period. HighTower Advisors LLC’s holdings in Luminar Technologies were worth $766,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Captrust Financial Advisors bought a new stake in Luminar Technologies during the first quarter worth about $27,000. Arkadios Wealth Advisors raised its holdings in Luminar Technologies by 190.0% during the second quarter. Arkadios Wealth Advisors now owns 1,685 shares of the company’s stock worth $36,000 after acquiring an additional 1,104 shares in the last quarter. Whittier Trust Co. bought a new stake in Luminar Technologies during the second quarter worth about $45,000. JFS Wealth Advisors LLC bought a new stake in Luminar Technologies during the second quarter worth about $54,000. Finally, US Bancorp DE raised its holdings in Luminar Technologies by 81.1% during the first quarter. US Bancorp DE now owns 3,015 shares of the company’s stock worth $73,000 after acquiring an additional 1,350 shares in the last quarter. Institutional investors and hedge funds own 16.83% of the company’s stock.

LAZR has been the topic of several research analyst reports. Robert W. Baird upgraded Luminar Technologies from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $22.00 to $30.00 in a research note on Friday, June 25th. Berenberg Bank initiated coverage on Luminar Technologies in a research note on Tuesday, May 25th. They issued a “hold” rating and a $18.00 price objective on the stock. Finally, Zacks Investment Research upgraded Luminar Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $30.90.

In related news, CEO Austin Russell sold 10,500,000 shares of the stock in a transaction that occurred on Thursday, July 1st. The stock was sold at an average price of $21.00, for a total transaction of $220,500,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Simoncini purchased 22,727 shares of Luminar Technologies stock in a transaction that occurred on Thursday, July 1st. The shares were bought at an average cost of $22.00 per share, for a total transaction of $499,994.00. The disclosure for this purchase can be found here. 43.25% of the stock is currently owned by company insiders.

Shares of NASDAQ LAZR opened at $16.53 on Tuesday. Luminar Technologies, Inc. has a 1-year low of $9.95 and a 1-year high of $47.80. The business’s 50 day moving average is $17.41 and its 200-day moving average is $20.84.

Luminar Technologies (NASDAQ:LAZR) last announced its earnings results on Thursday, August 12th. The company reported ($0.13) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.13). The firm had revenue of $6.31 million for the quarter, compared to the consensus estimate of $6.38 million. Equities research analysts predict that Luminar Technologies, Inc. will post -0.46 earnings per share for the current year.

Luminar Technologies Profile

Luminar Technologies, Inc operates as a vehicle sensor and software company for passenger cars and commercial trucks. The company operates in two segments, Autonomy Solutions and Other Component Sales. The Autonomy Solutions segment designs, manufactures, and sells lidar sensors, and related perception and autonomy software solutions for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and other related industries.

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Institutional Ownership by Quarter for Luminar Technologies (NASDAQ:LAZR)

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