Luminar Technologies (NASDAQ:LAZR) Sees Unusually-High Trading Volume

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) saw unusually-strong trading volume on Tuesday . Approximately 5,395,779 shares changed hands during mid-day trading, a decline of 38% from the previous session’s volume of 8,707,396 shares.The stock last traded at $1.61 and had previously closed at $1.73.

Analyst Ratings Changes

A number of equities research analysts have issued reports on LAZR shares. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $8.00 target price (down from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Citigroup lowered their target price on Luminar Technologies from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Rosenblatt Securities lowered their target price on Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, February 28th. The Goldman Sachs Group lowered their target price on Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a report on Thursday, February 29th. Finally, Bank of America reaffirmed an “underperform” rating and set a $1.20 target price (down from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $4.45.

Luminar Technologies Trading Down 0.3 %

The firm has a market capitalization of $710.76 million, a price-to-earnings ratio of -1.16 and a beta of 1.54. The company has a fifty day moving average price of $1.67 and a 200-day moving average price of $2.37.

Luminar Technologies (NASDAQ:LAZR) last posted its earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The company had revenue of $22.11 million during the quarter, compared to analysts’ expectations of $27.25 million. As a group, sell-side analysts predict that Luminar Technologies, Inc. will post -0.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Luminar Technologies by 5.1% during the first quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock valued at $53,239,000 after acquiring an additional 1,319,480 shares during the period. Exchange Traded Concepts LLC lifted its stake in Luminar Technologies by 100.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 5,111,388 shares of the company’s stock valued at $17,225,000 after buying an additional 2,561,252 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Luminar Technologies by 6.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,030,290 shares of the company’s stock valued at $9,238,000 after buying an additional 126,075 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Luminar Technologies by 0.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,865,578 shares of the company’s stock valued at $3,675,000 after buying an additional 14,604 shares during the period. Finally, Raymond James & Associates lifted its stake in Luminar Technologies by 39.3% in the fourth quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock valued at $3,353,000 after buying an additional 280,775 shares during the period. Institutional investors and hedge funds own 30.99% 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.