Luminar Technologies (NASDAQ:LAZR) Stock Price Down 10.8%

Luminar Technologies, Inc. (NASDAQ:LAZR)’s share price was down 10.8% on Monday . The stock traded as low as $1.27 and last traded at $1.29. Approximately 1,311,991 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 7,952,068 shares. The stock had previously closed at $1.44.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on LAZR shares. Bank of America reaffirmed an “underperform” rating and issued a $1.20 price target (down previously from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. Westpark Capital reaffirmed a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a report on Tuesday. The Goldman Sachs Group decreased their price target on shares of Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the stock in a report on Thursday, July 11th. Citigroup decreased their price target on shares of Luminar Technologies from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Finally, Rosenblatt Securities decreased their price target on shares of Luminar Technologies from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Wednesday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $4.89.

Luminar Technologies Stock Performance

The business has a 50-day moving average price of $1.57 and a 200 day moving average price of $1.86. The stock has a market capitalization of $392.19 million, a P/E ratio of -0.61 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The firm had revenue of $16.50 million during the quarter, compared to analysts’ expectations of $20.36 million. During the same quarter in the previous year, the firm earned ($0.37) earnings per share. Luminar Technologies’s revenue was up 1.9% on a year-over-year basis. As a group, research analysts forecast that Luminar Technologies, Inc. will post -1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position 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 valued at $53,239,000 after acquiring an additional 1,319,480 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Luminar Technologies by 0.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,865,578 shares of the company’s stock worth $3,675,000 after buying an additional 14,604 shares during the period. Raymond James & Associates boosted its holdings in Luminar Technologies by 39.3% in the 4th quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock worth $3,353,000 after buying an additional 280,775 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in 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 buying an additional 232,024 shares during the period. Finally, Boulder Hill Capital Management LP bought a new position in Luminar Technologies in the 1st quarter worth $1,375,000. 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.