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

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price 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

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

Luminar Technologies Stock Up 5.3 %

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

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

Institutional Investors Weigh In On Luminar Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Morgan Stanley grew its position in shares of 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 during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Luminar Technologies in the 1st quarter valued at about $22,704,000. State Street Corp grew its position in shares of 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 during the last quarter. Exchange Traded Concepts LLC grew its position in shares of 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 during the last quarter. Finally, Norges Bank acquired a new position in shares of Luminar Technologies in the 4th quarter valued at about $10,381,000. 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.