Luminar Technologies (NASDAQ:LAZR) Trading Down 5.3%

Luminar Technologies, Inc. (NASDAQ:LAZR) shares traded down 5.3% during trading on Tuesday . The stock traded as low as $2.67 and last traded at $2.68. 865,505 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 8,323,127 shares. The stock had previously closed at $2.83.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LAZR. The Goldman Sachs Group cut their price objective on shares of Luminar Technologies from $3.50 to $3.00 and set a “sell” rating on the stock in a report on Thursday, November 9th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $6.00 price target on shares of Luminar Technologies in a research note on Wednesday, August 9th. Citigroup lowered their price objective on shares of Luminar Technologies from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, August 16th. Finally, Bank of America initiated coverage on Luminar Technologies in a research report on Tuesday, September 26th. They issued a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $11.71.

Luminar Technologies Trading Down 6.4 %

The firm has a market cap of $1.07 billion, a PE ratio of -1.76 and a beta of 1.67. The stock’s 50 day moving average price is $3.94 and its 200 day moving average price is $5.62.

Insider Buying and Selling at Luminar Technologies

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

Institutional Trading of Luminar Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of LAZR. Armstrong Advisory Group Inc. bought a new stake in shares of Luminar Technologies in the second quarter worth $27,000. Spotlight Asset Group Inc. bought a new stake in shares of Luminar Technologies in the 2nd quarter worth about $28,000. Russell Investments Group Ltd. bought a new stake in shares of Luminar Technologies in the 2nd quarter worth about $43,000. Psagot Value Holdings Ltd. Israel acquired a new stake in shares of Luminar Technologies in the 1st quarter valued at about $49,000. Finally, Samalin Investment Counsel LLC bought a new position in shares of Luminar Technologies during the second quarter worth about $69,000. 60.82% of the stock is owned by hedge funds and other institutional investors.

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.