Fortress Wealth Group LLC Boosts Holdings in Luminar Technologies, Inc. (NASDAQ:LAZR)

Fortress Wealth Group LLC lifted its stake in Luminar Technologies, Inc. (NASDAQ:LAZR) by 10.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 45,813 shares of the company’s stock after acquiring an additional 4,206 shares during the period. Fortress Wealth Group LLC’s holdings in Luminar Technologies were worth $309,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Creative Planning grew its position in shares of Luminar Technologies by 16.8% in the 2nd quarter. Creative Planning now owns 31,798 shares of the company’s stock valued at $219,000 after buying an additional 4,572 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of Luminar Technologies in the 2nd quarter valued at $87,000. Arete Wealth Advisors LLC purchased a new position in shares of Luminar Technologies in the 1st quarter valued at $71,825,000,000. Gerber Kawasaki Wealth & Investment Management grew its position in shares of Luminar Technologies by 11.7% in the 1st quarter. Gerber Kawasaki Wealth & Investment Management now owns 79,201 shares of the company’s stock valued at $514,000 after buying an additional 8,304 shares during the last quarter. Finally, Spotlight Asset Group Inc. purchased a new position in Luminar Technologies during the 2nd quarter worth $28,000. 60.82% of the stock is owned by hedge funds and other institutional investors.

Luminar Technologies Stock Up 6.5 %

Shares of NASDAQ:LAZR traded up $0.19 during midday trading on Wednesday, hitting $3.13. The stock had a trading volume of 787,862 shares, compared to its average volume of 8,275,680. The stock has a 50 day moving average price of $4.14 and a two-hundred day moving average price of $5.71. Luminar Technologies, Inc. has a 1 year low of $2.71 and a 1 year high of $10.55.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Bank of America assumed coverage on shares of Luminar Technologies in a research report on Tuesday, September 26th. They set a “neutral” rating on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $6.00 price objective on shares of Luminar Technologies in a research report on Wednesday, August 9th. The Goldman Sachs Group lowered their price objective on shares of Luminar Technologies from $3.50 to $3.00 and set a “sell” rating on the stock in a research report on Thursday, November 9th. Finally, Citigroup lowered their price objective on shares of Luminar Technologies from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $11.71.

Insider Activity at Luminar Technologies

In related news, CFO Thomas Fennimore sold 18,305 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $5.57, for a total value of $101,958.85. Following the completion of the sale, the chief financial officer now owns 692,699 shares in the company, valued at $3,858,333.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Alan Prescott sold 42,171 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $5.57, for a total value of $234,892.47. Following the completion of the sale, the insider now owns 1,467,282 shares in the company, valued at $8,172,760.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas Fennimore sold 18,305 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $5.57, for a total transaction of $101,958.85. Following the completion of the sale, the chief financial officer now owns 692,699 shares of the company’s stock, valued at approximately $3,858,333.43. The disclosure for this sale can be found here. Company insiders own 29.26% of the company’s stock.

About Luminar Technologies

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