Luminar Technologies (NASDAQ:LAZR) Stock Price Up 10%

Luminar Technologies, Inc. (NASDAQ:LAZR) shares traded up 10% on Friday . The stock traded as high as $1.67 and last traded at $1.65. 4,321,481 shares changed hands during trading, a decline of 44% from the average session volume of 7,651,222 shares. The stock had previously closed at $1.50.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. The Goldman Sachs Group reduced their target price on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a report on Thursday, February 29th. 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. Rosenblatt Securities reduced their target price on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, February 28th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $8.00 price objective (down from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $4.00 price objective (down from $11.00) on shares of Luminar Technologies in a research note on Wednesday, January 17th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $6.39.

Luminar Technologies Price Performance

The stock’s 50-day moving average is $1.79 and its two-hundred day moving average is $2.56. The stock has a market cap of $708.78 million, a P/E ratio of -1.14 and a beta of 1.54.

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 for the quarter, compared to analyst estimates of $27.25 million. On average, analysts anticipate that Luminar Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Several institutional investors have recently made changes to their positions in LAZR. Vanguard Group Inc. grew its stake in Luminar Technologies by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock valued at $86,627,000 after purchasing an additional 1,671,708 shares during the last quarter. Exchange Traded Concepts LLC boosted its position 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 last quarter. Charles Schwab Investment Management Inc. boosted its position 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 last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position 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 last quarter. Finally, Raymond James & Associates boosted its position 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 last quarter. Institutional investors 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.