Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.40

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $1.40, but opened at $1.45. Luminar Technologies shares last traded at $1.51, with a volume of 962,636 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on LAZR shares. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $8.00 price target (down previously from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Citigroup dropped their target price on shares of Luminar Technologies from $11.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Finally, Bank of America reissued an “underperform” rating and set a $1.20 price target (down previously from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Luminar Technologies has an average rating of “Hold” and an average target price of $4.45.

Luminar Technologies Stock Performance

The business’s fifty day moving average price is $1.55 and its 200-day moving average price is $2.10. The stock has a market cap of $690.62 million, a PE ratio of -1.13 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR) last issued its earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.30). The company had revenue of $20.97 million during the quarter, compared to analysts’ expectations of $22.09 million. Analysts forecast that Luminar Technologies, Inc. will post -1 earnings per share for the current fiscal year.

Institutional Trading of Luminar Technologies

Hedge funds have recently bought and sold shares of the company. Raymond James & Associates grew its stake in shares of Luminar Technologies by 39.3% during the 4th quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock valued at $3,353,000 after purchasing an additional 280,775 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Luminar Technologies by 27.9% during the 4th quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock worth $117,000 after acquiring an additional 7,564 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Luminar Technologies by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 24,033,655 shares of the company’s stock valued at $109,353,000 after acquiring an additional 543,313 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Luminar Technologies by 48.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 714,135 shares of the company’s stock worth $2,407,000 after purchasing an additional 232,024 shares in the last quarter. Finally, Leo Wealth LLC bought a new position in Luminar Technologies in the 4th quarter worth $43,000. Hedge funds and other institutional investors own 30.99% of the company’s stock.

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.