Stock Traders Purchase High Volume of Call Options on Luminar Technologies (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR) saw unusually large options trading activity on Wednesday. Investors acquired 15,793 call options on the company. This is an increase of 63% compared to the average volume of 9,673 call options.

Institutional Investors Weigh In On Luminar Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 180 Wealth Advisors LLC acquired a new stake in Luminar Technologies in the 3rd quarter valued at $51,000. Vahanian & Associates Financial Planning Inc. acquired a new stake in Luminar Technologies in the 4th quarter valued at $41,000. Leo Wealth LLC acquired a new position in shares of Luminar Technologies during the 4th quarter worth about $43,000. Brave Asset Management Inc. acquired a new position in shares of Luminar Technologies during the 4th quarter worth about $49,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in shares of Luminar Technologies during the 4th quarter worth about $55,000. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on LAZR shares. Citigroup reduced their price target on shares of Luminar Technologies from $11.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $4.00 price target (down from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $8.00 price target (down from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. The Goldman Sachs Group reduced their price target on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a research report on Thursday, February 29th. Finally, Bank of America reaffirmed an “underperform” rating and issued a $1.20 price objective (down from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. Two equities research 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 currently has a consensus rating of “Hold” and an average target price of $5.24.

Luminar Technologies Trading Down 13.8 %

LAZR opened at $1.69 on Friday. The stock has a market capitalization of $712.99 million, a P/E ratio of -1.15 and a beta of 1.54. Luminar Technologies has a 12 month low of $1.21 and a 12 month high of $8.32. The firm’s fifty day simple moving average is $1.74 and its 200 day simple moving average is $2.49.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $22.11 million for the quarter, compared to analysts’ expectations of $27.25 million. On average, equities research analysts predict that Luminar Technologies will post -1.01 EPS for the current fiscal year.

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.