Luminar Technologies (NASDAQ:LAZR) Releases Earnings Results

Luminar Technologies (NASDAQ:LAZR) issued its quarterly earnings results on Monday. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06, Briefing.com reports. The company had revenue of $15.49 million during the quarter, compared to analyst estimates of $17.70 million. During the same period in the prior year, the business earned ($0.33) EPS. The business’s revenue for the quarter was down 8.6% on a year-over-year basis.

Luminar Technologies Trading Down 7.1 %

LAZR stock opened at $1.05 on Thursday. The business’s 50 day simple moving average is $0.86 and its 200 day simple moving average is $1.25. Luminar Technologies has a 1-year low of $0.73 and a 1-year high of $3.69. The firm has a market capitalization of $518.45 million, a PE ratio of -1.18 and a beta of 1.61.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LAZR. Rosenblatt Securities reaffirmed a “neutral” rating and set a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.00 price objective on shares of Luminar Technologies in a research note on Tuesday, September 10th. JPMorgan Chase & Co. cut their target price on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Monday, August 19th. Westpark Capital reiterated a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Finally, Citigroup decreased their price objective on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report 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. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $3.40.

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.