Bank of America Reaffirms “Underperform” Rating for Luminar Technologies (NASDAQ:LAZR)

Bank of America restated their underperform rating on shares of Luminar Technologies (NASDAQ:LAZR) in a research report sent to investors on Wednesday, Marketbeat reports. Bank of America currently has a $1.20 target price on the stock, down from their prior target price of $3.50.

LAZR has been the subject of a number of other reports. The Goldman Sachs Group cut their price objective on Luminar Technologies from $2.00 to $1.50 and set a sell rating for the company in a report on Thursday, February 29th. Deutsche Bank Aktiengesellschaft reissued a hold rating and set a $4.00 price objective (down from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. JPMorgan Chase & Co. reissued an overweight rating and set a $8.00 price objective (down from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Finally, Rosenblatt Securities lowered their target price on Luminar Technologies from $5.00 to $3.00 and set a neutral rating for the company in a research note on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Luminar Technologies has a consensus rating of Hold and a consensus target price of $7.09.

Luminar Technologies Price Performance

Shares of LAZR stock opened at $1.30 on Wednesday. The stock has a market cap of $548.45 million, a P/E ratio of -0.88 and a beta of 1.48. The stock has a fifty day moving average price of $2.15 and a 200 day moving average price of $2.84. Luminar Technologies has a one year low of $1.24 and a one year high of $8.32.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The business had revenue of $22.11 million during the quarter, compared to the consensus estimate of $27.25 million. Equities research analysts anticipate that Luminar Technologies will post -1.01 EPS for the current year.

Institutional Trading of Luminar Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LAZR. Cambridge Investment Research Advisors Inc. increased its position in Luminar Technologies by 17.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,762 shares of the company’s stock worth $512,000 after purchasing an additional 4,925 shares during the period. HighTower Advisors LLC increased its position in Luminar Technologies by 4.7% in the first quarter. HighTower Advisors LLC now owns 92,048 shares of the company’s stock worth $1,444,000 after purchasing an additional 4,153 shares during the period. Citigroup Inc. increased its position in Luminar Technologies by 30.5% in the first quarter. Citigroup Inc. now owns 146,881 shares of the company’s stock worth $2,296,000 after purchasing an additional 34,316 shares during the period. BlackRock Inc. increased its position in Luminar Technologies by 23.0% in the first quarter. BlackRock Inc. now owns 4,623,810 shares of the company’s stock worth $72,272,000 after purchasing an additional 865,041 shares during the period. Finally, Allianz Asset Management GmbH increased its position in Luminar Technologies by 1.0% in the first quarter. Allianz Asset Management GmbH now owns 3,023,514 shares of the company’s stock worth $47,258,000 after purchasing an additional 30,900 shares during the period. 30.99% of the stock is currently owned by institutional investors and hedge funds.

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.