Luminar Technologies (NASDAQ:LAZR) Shares Gap Up on Strong Earnings

Luminar Technologies, Inc. (NASDAQ:LAZR) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $1.02, but opened at $1.05. Luminar Technologies shares last traded at $1.11, with a volume of 7,815,418 shares traded.

The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.06. The firm had revenue of $15.49 million during the quarter, compared to analyst estimates of $17.70 million. During the same period last year, the business earned ($0.33) EPS. The firm’s revenue was down 8.6% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on LAZR shares. JPMorgan Chase & Co. dropped their target price on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Monday, August 19th. Citigroup cut their target price on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.00 price target on shares of Luminar Technologies in a research report on Tuesday, September 10th. Westpark Capital reaffirmed a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a report on Tuesday, August 6th. Finally, Craig Hallum decreased their price objective on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating for the company in a report on Tuesday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Luminar Technologies presently has an average rating of “Hold” and an average price target of $3.40.

Institutional Trading of Luminar Technologies

Several hedge funds have recently made changes to their positions in LAZR. Caz Investments LP increased its position in Luminar Technologies by 100.0% in the third quarter. Caz Investments LP now owns 300,000 shares of the company’s stock worth $270,000 after buying an additional 150,000 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Luminar Technologies by 16.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock worth $2,691,000 after acquiring an additional 425,335 shares during the last quarter. Tyler Stone Wealth Management increased its holdings in shares of Luminar Technologies by 70.5% in the 3rd quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock worth $33,000 after acquiring an additional 15,300 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Luminar Technologies by 30.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 54,452 shares of the company’s stock valued at $49,000 after purchasing an additional 12,685 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Luminar Technologies by 6.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 376,155 shares of the company’s stock worth $342,000 after purchasing an additional 22,400 shares during the last quarter. Institutional investors own 30.99% of the company’s stock.

Luminar Technologies Stock Down 7.1 %

The firm’s 50 day simple moving average is $0.86 and its 200 day simple moving average is $1.25. The company has a market cap of $518.45 million, a price-to-earnings ratio of -1.18 and a beta of 1.61.

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.