Luminar Technologies (NASDAQ:LAZR) Shares Gap Down on Analyst Downgrade

Luminar Technologies, Inc. (NASDAQ:LAZR) shares gapped down before the market opened on Friday after The Goldman Sachs Group lowered their price target on the stock from $0.75 to $0.50. The stock had previously closed at $1.03, but opened at $1.00. The Goldman Sachs Group currently has a sell rating on the stock. Luminar Technologies shares last traded at $1.02, with a volume of 1,847,141 shares changing hands.

A number of other research analysts have also recently issued reports on LAZR. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $2.00 price target on shares of Luminar Technologies in a report on Wednesday, October 2nd. Westpark Capital reaffirmed a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.00 price objective on shares of Luminar Technologies in a report on Tuesday, September 10th. Craig Hallum decreased their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating for the company in a report on Tuesday. Finally, Citigroup cut their price target on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Two research 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $3.34.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Luminar Technologies by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock valued at $53,239,000 after purchasing an additional 1,319,480 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Luminar Technologies by 30.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 149,030 shares of the company’s stock worth $294,000 after acquiring an additional 34,566 shares during the period. Virtu Financial LLC purchased a new stake in shares of Luminar Technologies during the 1st quarter worth about $163,000. American International Group Inc. grew its position in shares of Luminar Technologies by 6.0% during the 1st quarter. American International Group Inc. now owns 143,517 shares of the company’s stock valued at $283,000 after acquiring an additional 8,089 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of Luminar Technologies in the 2nd quarter valued at about $55,000. 30.99% of the stock is owned by institutional investors and hedge funds.

Luminar Technologies Stock Down 1.5 %

The business has a fifty day moving average of $0.86 and a two-hundred day moving average of $1.25.

Luminar Technologies (NASDAQ:LAZR) last announced its earnings results on Monday, November 11th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.06. The business had revenue of $15.49 million for the quarter, compared to analyst estimates of $17.70 million. During the same period in the previous year, the company earned ($0.33) earnings per share. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. Analysts forecast that Luminar Technologies, Inc. will post -0.97 earnings per share for the current fiscal year.

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.