Luminar Technologies, Inc. (NASDAQ:LAZR) Given Average Rating of “Moderate Buy” by Brokerages

Luminar Technologies, Inc. (NASDAQ:LAZRGet Rating) has been given an average recommendation of “Moderate Buy” by the eleven research firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $21.60.

LAZR has been the topic of a number of research reports. Citigroup dropped their price target on Luminar Technologies from $31.00 to $24.00 in a research note on Friday, May 6th. Sumitomo Mitsui Financial Group initiated coverage on Luminar Technologies in a research note on Tuesday, March 29th. They issued a “neutral” rating and a $16.00 price objective for the company. The Goldman Sachs Group dropped their price target on Luminar Technologies from $12.00 to $9.00 and set a “neutral” rating for the company in a research report on Wednesday, June 1st. Northland Securities lowered their price objective on Luminar Technologies from $23.00 to $13.00 and set an “outperform” rating for the company in a research report on Thursday, May 19th. Finally, Credit Suisse Group assumed coverage on Luminar Technologies in a report on Thursday, April 14th. They issued an “outperform” rating and a $22.00 target price on the stock.

NASDAQ LAZR opened at $7.39 on Thursday. The firm’s fifty day simple moving average is $10.37 and its two-hundred day simple moving average is $13.36. The company has a current ratio of 16.06, a quick ratio of 15.85 and a debt-to-equity ratio of 4.92. Luminar Technologies has a 12-month low of $6.93 and a 12-month high of $25.30. The firm has a market capitalization of $2.58 billion, a P/E ratio of -10.26 and a beta of 1.45.

Luminar Technologies (NASDAQ:LAZRGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.03). Luminar Technologies had a negative net margin of 747.76% and a negative return on equity of 73.24%. The company had revenue of $6.86 million during the quarter, compared to analyst estimates of $9.59 million. During the same period in the previous year, the firm posted ($0.09) earnings per share. As a group, sell-side analysts predict that Luminar Technologies will post -1 earnings per share for the current fiscal year.

In other news, CEO Austin Russell acquired 300,000 shares of the company’s stock in a transaction dated Tuesday, May 10th. The stock was bought at an average price of $8.89 per share, with a total value of $2,667,000.00. Following the completion of the acquisition, the chief executive officer now owns 455,000 shares in the company, valued at approximately $4,044,950. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jun Hong Heng sold 59,957 shares of the firm’s stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $14.03, for a total transaction of $841,196.71. Following the completion of the sale, the director now directly owns 1,510,067 shares of the company’s stock, valued at approximately $21,186,240.01. The disclosure for this sale can be found here. Company insiders own 43.25% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. boosted its stake in Luminar Technologies by 2,609.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,005 shares of the company’s stock valued at $33,000 after acquiring an additional 1,931 shares during the last quarter. Prospera Financial Services Inc bought a new position in Luminar Technologies in the first quarter valued at approximately $32,000. Steward Partners Investment Advisory LLC boosted its stake in Luminar Technologies by 8,000.0% in the first quarter. Steward Partners Investment Advisory LLC now owns 2,025 shares of the company’s stock valued at $32,000 after acquiring an additional 2,000 shares during the last quarter. MCF Advisors LLC bought a new position in shares of Luminar Technologies during the first quarter worth $49,000. Finally, Destiny Wealth Partners LLC boosted its position in shares of Luminar Technologies by 29.0% during the first quarter. Destiny Wealth Partners LLC now owns 5,161 shares of the company’s stock worth $81,000 after purchasing an additional 1,161 shares in the last quarter. 58.54% of the stock is owned by institutional investors and hedge funds.

About Luminar Technologies (Get Rating)

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 Components. The Autonomy Solutions segment designs, manufactures, and sells laser imaging, detection, and ranging sensors, as well as related perception and autonomy software solutions primarily for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and adjacent industries.

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Analyst Recommendations for Luminar Technologies (NASDAQ:LAZR)

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