Luminar Technologies (NASDAQ:LAZR) Reaches New 52-Week Low at $1.21

Luminar Technologies, Inc. (NASDAQ:LAZR)’s share price hit a new 52-week low on Thursday . The company traded as low as $1.21 and last traded at $1.21, with a volume of 1356606 shares. The stock had previously closed at $1.25.

Analyst Ratings Changes

Several brokerages recently weighed in on LAZR. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $4.00 target price (down from $11.00) on shares of Luminar Technologies in a research report on Wednesday, January 17th. The Goldman Sachs Group cut their target price on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a research report on Thursday, February 29th. Bank of America reaffirmed an “underperform” rating and issued a $1.20 target price (down from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $8.00 target price (down from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Finally, Rosenblatt Securities cut their target price on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Luminar Technologies has a consensus rating of “Hold” and a consensus price target of $7.09.

Luminar Technologies Price Performance

The firm has a 50-day simple moving average of $1.99 and a 200 day simple moving average of $2.74. The company has a market capitalization of $552.68 million, a PE ratio of -0.89 and a beta of 1.48.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate 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 expect that Luminar Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Trading of Luminar Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of LAZR. Morgan Stanley increased its position in shares of Luminar Technologies by 326.9% during the third quarter. Morgan Stanley now owns 6,102,415 shares of the company’s stock worth $27,766,000 after acquiring an additional 4,672,831 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Luminar Technologies during the first quarter worth about $22,704,000. State Street Corp increased its position in shares of Luminar Technologies by 189.4% during the second quarter. State Street Corp now owns 4,570,495 shares of the company’s stock worth $27,103,000 after acquiring an additional 2,991,427 shares during the last quarter. Exchange Traded Concepts LLC increased its position in shares of Luminar Technologies by 100.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock worth $17,225,000 after acquiring an additional 2,561,252 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Luminar Technologies during the fourth quarter worth about $10,381,000. 30.99% 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.