Traders Purchase Large Volume of Luminar Technologies Call Options (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZRGet Rating) saw unusually large options trading on Monday. Investors bought 78,516 call options on the company. This represents an increase of approximately 84% compared to the average daily volume of 42,758 call options.

Luminar Technologies Stock Down 0.9 %

NASDAQ:LAZR opened at $9.41 on Tuesday. Luminar Technologies has a 12-month low of $5.61 and a 12-month high of $23.90. The company has a quick ratio of 11.44, a current ratio of 11.60 and a debt-to-equity ratio of 6.89. The firm has a market capitalization of $3.29 billion, a P/E ratio of -10.69 and a beta of 1.55. The stock’s fifty day simple moving average is $7.88 and its 200-day simple moving average is $10.22.

Insiders Place Their Bets

In related news, CEO Austin Russell bought 25,000 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was acquired at an average cost of $9.70 per share, with a total value of $242,500.00. Following the acquisition, the chief executive officer now owns 855,000 shares in the company, valued at approximately $8,293,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders bought 125,000 shares of company stock worth $1,149,000. 43.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LAZR. SG Americas Securities LLC bought a new position in shares of Luminar Technologies in the 4th quarter worth $115,000. Raymond James & Associates lifted its holdings in Luminar Technologies by 6.5% during the fourth quarter. Raymond James & Associates now owns 30,025 shares of the company’s stock worth $508,000 after acquiring an additional 1,829 shares in the last quarter. Bank of America Corp DE lifted its holdings in Luminar Technologies by 68.2% during the fourth quarter. Bank of America Corp DE now owns 256,624 shares of the company’s stock worth $4,339,000 after acquiring an additional 104,049 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Luminar Technologies by 10.8% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 110,269 shares of the company’s stock worth $1,865,000 after acquiring an additional 10,741 shares in the last quarter. Finally, Baird Financial Group Inc. bought a new position in Luminar Technologies during the fourth quarter worth about $685,000. 62.57% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on LAZR shares. Cowen raised their price target on Luminar Technologies to $14.00 in a report on Monday, August 15th. Northland Securities dropped their price target on Luminar Technologies from $23.00 to $13.00 and set an “outperform” rating for the company in a report on Thursday, May 19th. 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 report on Wednesday, June 1st. Cowen raised their price target on Luminar Technologies from $12.00 to $14.00 in a report on Tuesday, August 9th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Luminar Technologies from $23.00 to $15.00 in a report on Monday, July 18th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Luminar Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $17.25.

Luminar Technologies Company Profile

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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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