Verition Fund Management LLC Takes $898,000 Position in Luminar Technologies, Inc. (NASDAQ:LAZR)

Verition Fund Management LLC acquired a new stake in Luminar Technologies, Inc. (NASDAQ:LAZRGet Rating) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 57,472 shares of the company’s stock, valued at approximately $898,000.

A number of other institutional investors have also modified their holdings of LAZR. Steward Partners Investment Advisory LLC raised its position in shares of 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 buying an additional 2,000 shares during the last quarter. Prospera Financial Services Inc acquired a new position in Luminar Technologies during the first quarter worth approximately $32,000. MCF Advisors LLC acquired a new position in Luminar Technologies during the first quarter worth approximately $49,000. Destiny Wealth Partners LLC increased its position in 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 during the last quarter. Finally, Apollo Management Holdings L.P. acquired a new position in Luminar Technologies during the first quarter worth approximately $116,000. Institutional investors and hedge funds own 62.57% of the company’s stock.

Insider Activity

In other news, CEO Austin Russell bought 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was acquired at an average cost of $7.21 per share, for a total transaction of $180,250.00. Following the completion of the purchase, the chief executive officer now owns 780,000 shares of the company’s stock, valued at $5,623,800. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders bought 175,000 shares of company stock worth $1,630,500. 43.25% of the stock is currently owned by company insiders.

Luminar Technologies Price Performance

Shares of LAZR stock opened at $9.37 on Thursday. The company has a market capitalization of $3.28 billion, a PE ratio of -10.65 and a beta of 1.55. The firm has a fifty day simple moving average of $8.32 and a 200-day simple moving average of $10.02. The company has a current ratio of 11.60, a quick ratio of 11.44 and a debt-to-equity ratio of 6.89. Luminar Technologies, Inc. has a twelve month low of $5.61 and a twelve month high of $23.90.

Analyst Upgrades and Downgrades

Several brokerages recently commented on LAZR. JPMorgan Chase & Co. began coverage on shares of Luminar Technologies in a research report on Tuesday. They set an “overweight” rating and a $30.00 price target for the company. Cowen upped their price target on shares of Luminar Technologies to $14.00 in a research report on Monday, August 15th. Robert W. Baird dropped their price objective on shares of Luminar Technologies from $30.00 to $15.00 in a research report on Wednesday, August 10th. Craig Hallum dropped their price objective on shares of Luminar Technologies to $8.00 in a research report on Monday, August 15th. Finally, The Goldman Sachs Group dropped their price objective on shares of Luminar Technologies from $12.00 to $9.00 and set a “neutral” rating for the company in a research report on Wednesday, June 1st. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.23.

Luminar Technologies 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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Institutional Ownership by Quarter for Luminar Technologies (NASDAQ:LAZR)

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