Luminar Technologies, Inc. (NASDAQ:LAZR) Given Consensus Recommendation of “Hold” by Analysts

Luminar Technologies, Inc. (NASDAQ:LAZR) has been given an average rating of “Hold” by the seven research firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $53.86.

LAZR has been the subject of a number of recent research reports. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Luminar Technologies in a research note on Thursday, May 15th. The Goldman Sachs Group lowered their price objective on Luminar Technologies from $3.50 to $2.00 and set a “sell” rating for the company in a research note on Thursday, April 10th.

Luminar Technologies Stock Down 2.6%

NASDAQ LAZR opened at $3.43 on Friday. Luminar Technologies has a twelve month low of $3.30 and a twelve month high of $32.70. The firm has a market capitalization of $160.79 million, a PE ratio of -0.26 and a beta of 2.01. The stock’s 50 day moving average is $4.19 and its 200 day moving average is $5.77.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.75) by $0.25. The firm had revenue of $18.89 million for the quarter, compared to the consensus estimate of $16.27 million. The company’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.19) earnings per share. On average, research analysts anticipate that Luminar Technologies will post -14.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its stake in shares of Luminar Technologies by 6.9% in the first quarter. Goldman Sachs Group Inc. now owns 333,675 shares of the company’s stock worth $1,799,000 after purchasing an additional 21,468 shares during the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Luminar Technologies in the fourth quarter worth $1,452,000. Royal Bank of Canada increased its position in Luminar Technologies by 20,160.0% during the first quarter. Royal Bank of Canada now owns 231,572 shares of the company’s stock valued at $1,248,000 after acquiring an additional 230,429 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Luminar Technologies by 21.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 219,766 shares of the company’s stock valued at $1,185,000 after acquiring an additional 38,549 shares during the last quarter. Finally, Invesco Ltd. purchased a new stake in Luminar Technologies during the first quarter valued at $881,000. Hedge funds and other institutional investors own 30.99% of the company’s stock.

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.