Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.69

Luminar Technologies, Inc. (NASDAQ:LAZR) shares gapped up before the market opened on Tuesday . The stock had previously closed at $1.69, but opened at $1.75. Luminar Technologies shares last traded at $1.79, with a volume of 1,846,828 shares.

Wall Street Analyst Weigh In

LAZR has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $4.00 price target (down from $11.00) on shares of Luminar Technologies in a research note on Wednesday, January 17th. Rosenblatt Securities cut their price target on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research note on Wednesday, February 28th. Bank of America cut their price target on Luminar Technologies from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Thursday, February 29th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $8.00 price objective (down from $20.00) on shares of Luminar Technologies in a research note on Tuesday. Finally, The Goldman Sachs Group cut their price objective on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a research note on Thursday, February 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Luminar Technologies presently has a consensus rating of “Hold” and a consensus target price of $7.38.

Luminar Technologies Stock Up 5.3 %

The company has a 50-day simple moving average of $2.34 and a 200 day simple moving average of $3.08.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $22.11 million during the quarter, compared to the consensus estimate of $27.25 million. On average, equities analysts anticipate that Luminar Technologies, Inc. will post -1.03 earnings per share for the current year.

Institutional Trading of Luminar Technologies

Several institutional investors have recently modified their holdings of the company. Morgan Stanley boosted its stake in Luminar Technologies by 326.9% in the 3rd quarter. Morgan Stanley now owns 6,102,415 shares of the company’s stock valued at $27,766,000 after buying an additional 4,672,831 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Luminar Technologies in the 1st quarter valued at $22,704,000. State Street Corp boosted its stake in Luminar Technologies by 189.4% in the 2nd quarter. State Street Corp now owns 4,570,495 shares of the company’s stock valued at $27,103,000 after buying an additional 2,991,427 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in Luminar Technologies by 100.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock valued at $17,225,000 after buying an additional 2,561,252 shares in the last quarter. Finally, Norges Bank acquired a new stake in Luminar Technologies in the 4th quarter valued at $10,381,000. Institutional investors and hedge funds own 30.99% of the company’s stock.

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.