Luminar Technologies (NASDAQ:LAZR) Shares Gap Up After Insider Buying Activity

Luminar Technologies, Inc. (NASDAQ:LAZRGet Rating)’s share price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $9.11, but opened at $9.79. Luminar Technologies shares last traded at $9.48, with a volume of 226,510 shares traded.

Specifically, CEO Austin Russell bought 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The stock was bought at an average price of $9.70 per share, with a total value of $242,500.00. Following the completion of the transaction, the chief executive officer now directly owns 855,000 shares of the company’s stock, valued at $8,293,500. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders bought 175,000 shares of company stock valued at $1,630,500. Company insiders own 43.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Cowen boosted their price target on Luminar Technologies from $12.00 to $14.00 in a research note on Tuesday, August 9th. Cowen boosted their price target on Luminar Technologies to $14.00 in a research note on Monday, August 15th. Craig Hallum cut their price target on Luminar Technologies to $8.00 in a research note on Monday, August 15th. The Goldman Sachs Group cut their price target on Luminar Technologies from $12.00 to $9.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 1st. Finally, Robert W. Baird cut their price target on Luminar Technologies from $30.00 to $15.00 in a research note on Wednesday, August 10th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.23.

Luminar Technologies Price Performance

The company has a 50 day simple moving average of $8.32 and a 200-day simple moving average of $10.02. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -10.65 and a beta of 1.55. The company has a quick ratio of 11.44, a current ratio of 11.60 and a debt-to-equity ratio of 6.89.

Institutional Trading of Luminar Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Prospera Financial Services Inc acquired a new stake in shares of Luminar Technologies during the 1st quarter worth approximately $32,000. Steward Partners Investment Advisory LLC raised its position in shares of Luminar Technologies by 8,000.0% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 2,025 shares of the company’s stock worth $32,000 after purchasing an additional 2,000 shares during the period. MCF Advisors LLC acquired a new stake in shares of Luminar Technologies during the 1st quarter worth approximately $49,000. Destiny Wealth Partners LLC raised its position in shares of Luminar Technologies by 29.0% during the 1st 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 during the period. Finally, Apollo Management Holdings L.P. acquired a new stake in shares of Luminar Technologies during the 1st quarter worth approximately $116,000. 62.57% of the stock is currently owned by institutional investors and hedge funds.

About Luminar Technologies

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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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