Luminar Technologies (NASDAQ:LAZR) Rating Reiterated by JPMorgan Chase & Co.

JPMorgan Chase & Co. reissued their overweight rating on shares of Luminar Technologies (NASDAQ:LAZR) in a research note issued to investors on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has a $8.00 price target on the stock, down from their previous price target of $20.00.

A number of other brokerages have also issued reports on LAZR. Deutsche Bank Aktiengesellschaft reissued a hold rating and issued a $4.00 price target (down previously from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Bank of America cut their target price on shares of Luminar Technologies from $4.00 to $3.50 and set a neutral rating on the stock in a research note on Thursday, February 29th. The Goldman Sachs Group lowered their price target on shares of Luminar Technologies from $2.00 to $1.50 and set a sell rating for the company in a research report on Thursday, February 29th. Finally, Rosenblatt Securities lowered their price target on shares of Luminar Technologies from $5.00 to $3.00 and set a neutral rating for the company in a research report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Luminar Technologies presently has a consensus rating of Hold and an average target price of $7.38.

Luminar Technologies Stock Performance

LAZR stock opened at $1.97 on Tuesday. Luminar Technologies has a 52 week low of $1.63 and a 52 week high of $8.32. The firm’s fifty day moving average is $2.33 and its 200 day moving average is $3.05. The firm has a market cap of $831.12 million, a P/E ratio of -1.34 and a beta of 1.51.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $27.25 million. As a group, analysts forecast that Luminar Technologies will post -1.03 EPS for the current year.

Institutional Trading of Luminar Technologies

A number of large investors have recently made changes to their positions in LAZR. Morgan Stanley grew its stake in shares of Luminar Technologies by 326.9% in 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 period. Renaissance Technologies LLC bought a new stake in shares of Luminar Technologies in the first quarter worth approximately $22,704,000. State Street Corp grew its stake in shares of Luminar Technologies by 189.4% in 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 period. Exchange Traded Concepts LLC grew its stake in shares of Luminar Technologies by 100.4% in 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 period. Finally, Norges Bank bought a new stake in shares of Luminar Technologies in the fourth quarter worth approximately $10,381,000. 30.99% of the stock is currently owned by institutional investors.

Luminar Technologies Company Profile

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.