Luminar Technologies (NASDAQ:LAZR) Announces Earnings Results

Luminar Technologies (NASDAQ:LAZR) posted its quarterly earnings data on Monday. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.06, Briefing.com reports. The business had revenue of $15.49 million during the quarter, compared to the consensus estimate of $17.70 million. The firm’s revenue was down 8.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.33) earnings per share.

Luminar Technologies Stock Performance

Shares of NASDAQ LAZR traded up $0.11 during midday trading on Tuesday, reaching $1.13. The company’s stock had a trading volume of 34,458,292 shares, compared to its average volume of 15,383,319. The company has a market cap of $557.95 million, a P/E ratio of -0.89 and a beta of 1.61. The business’s 50 day moving average price is $0.85 and its two-hundred day moving average price is $1.25. Luminar Technologies has a fifty-two week low of $0.73 and a fifty-two week high of $3.69.

Analyst Upgrades and Downgrades

LAZR has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Monday, August 19th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $2.00 target price on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Craig Hallum cut their price target on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a research note on Tuesday. Westpark Capital reiterated a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Finally, Citigroup reduced their price objective on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Luminar Technologies presently has a consensus rating of “Hold” and a consensus target price of $3.40.

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.