Luminar Technologies, Inc. (NASDAQ:LAZR) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System boosted its position in shares of Luminar Technologies, Inc. (NASDAQ:LAZR – Get Rating) by 7.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 58,872 shares of the company’s stock after buying an additional 3,973 shares during the quarter. Arizona State Retirement System’s holdings in Luminar Technologies were worth $291,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Luminar Technologies by 4.6% during the third quarter. Vanguard Group Inc. now owns 19,672,111 shares of the company’s stock valued at $143,311,000 after buying an additional 863,014 shares during the period. BlackRock Inc. grew its position in Luminar Technologies by 1.1% during the third quarter. BlackRock Inc. now owns 16,538,918 shares of the company’s stock valued at $120,489,000 after buying an additional 178,051 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Luminar Technologies by 3.7% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 4,984,712 shares of the company’s stock valued at $24,675,000 after buying an additional 180,118 shares during the period. State Street Corp grew its position in Luminar Technologies by 5.9% during the third quarter. State Street Corp now owns 4,840,864 shares of the company’s stock valued at $35,266,000 after buying an additional 270,369 shares during the period. Finally, Allianz Asset Management GmbH grew its position in Luminar Technologies by 1.0% during the first quarter. Allianz Asset Management GmbH now owns 3,023,514 shares of the company’s stock valued at $47,258,000 after buying an additional 30,900 shares during the period. Institutional investors and hedge funds own 35.26% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Austin Russell bought 1,300,000 shares of Luminar Technologies stock in a transaction on Monday, May 15th. The shares were bought at an average cost of $5.83 per share, with a total value of $7,579,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,330,000 shares of the company’s stock, valued at $13,583,900. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 43.25% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on LAZR. TD Cowen decreased their price objective on shares of Luminar Technologies from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Wednesday, May 10th. Citigroup decreased their price objective on shares of Luminar Technologies from $19.00 to $18.00 in a report on Tuesday, May 16th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Luminar Technologies from $15.00 to $14.00 in a report on Wednesday, March 1st. JPMorgan Chase & Co. increased their price objective on shares of Luminar Technologies from $15.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, March 6th. Finally, Jefferies Financial Group initiated coverage on shares of Luminar Technologies in a research note on Tuesday, April 25th. They issued a “buy” rating and a $12.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.42.

Luminar Technologies Price Performance

Shares of LAZR stock opened at $7.05 on Tuesday. The company has a debt-to-equity ratio of 14.23, a current ratio of 4.92 and a quick ratio of 4.77. The firm’s 50-day moving average is $6.32 and its two-hundred day moving average is $6.74. Luminar Technologies, Inc. has a 12 month low of $3.91 and a 12 month high of $11.35. The company has a market capitalization of $2.66 billion, a PE ratio of -5.04 and a beta of 1.57.

Luminar Technologies (NASDAQ:LAZR – Get Rating) last issued its earnings results on Tuesday, February 28th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.04). Luminar Technologies had a negative return on equity of 8,821.02% and a negative net margin of 1,043.14%. The firm had revenue of $11.13 million for the quarter, compared to analysts’ expectations of $12.88 million. Analysts predict that Luminar Technologies, Inc. will post -1.26 earnings per share for the current year.

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.