Luminar Technologies (NASDAQ:LAZR) Shares Gap Down to $1.68

Luminar Technologies, Inc. (NASDAQ:LAZR) gapped down prior to trading on Monday . The stock had previously closed at $1.68, but opened at $1.53. Luminar Technologies shares last traded at $1.62, with a volume of 3,106,822 shares trading hands.

Wall Street Analysts Forecast Growth

LAZR has been the subject of several recent research reports. Bank of America reiterated an “underperform” rating and set a $1.20 target price (down previously from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $4.00 target price (down previously from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Rosenblatt Securities lowered their price objective on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 28th. The Goldman Sachs Group cut their price objective 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, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $8.00 target price (down from $20.00) on shares of Luminar Technologies in a research report on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.39.

Luminar Technologies Stock Performance

The stock has a 50-day simple moving average of $1.78 and a 200-day simple moving average of $2.52.

Luminar Technologies (NASDAQ:LAZR) last posted its 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 company had revenue of $22.11 million for the quarter, compared to analysts’ expectations of $27.25 million. As a group, equities research analysts forecast that Luminar Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of 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 period. Exchange Traded Concepts LLC grew its stake 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 valued at $17,225,000 after acquiring an additional 2,561,252 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Luminar Technologies by 6.6% during 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 acquiring an additional 126,075 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of 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 worth $3,675,000 after buying an additional 14,604 shares during the last quarter. Finally, Raymond James & Associates raised its holdings 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 acquiring an additional 280,775 shares in the last quarter. 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.