Luminar Technologies, Inc. (NASDAQ:LAZR) Short Interest Down 18.6% in January

Luminar Technologies, Inc. (NASDAQ:LAZR) saw a large decrease in short interest in January. As of January 15th, there was short interest totalling 6,020,000 shares, a decrease of 18.6% from the December 31st total of 7,400,000 shares. Approximately 23.3% of the shares of the stock are sold short. Based on an average daily volume of 2,920,000 shares, the days-to-cover ratio is currently 2.1 days.

Analysts Set New Price Targets

LAZR has been the topic of a number of research analyst reports. Rosenblatt Securities restated a “neutral” rating and issued a $30.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. The Goldman Sachs Group reduced their target price on shares of Luminar Technologies from $11.25 to $7.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. Finally, Craig Hallum cut their price target on shares of Luminar Technologies from $22.50 to $15.00 and set a “hold” rating on the stock in a report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $50.06.

Luminar Technologies Stock Performance

Shares of NASDAQ LAZR traded up $0.09 during trading on Thursday, hitting $5.34. 442,371 shares of the company traded hands, compared to its average volume of 3,063,921. The firm has a market capitalization of $177.92 million, a price-to-earnings ratio of -0.40 and a beta of 1.60. The business’s fifty day moving average is $6.97 and its 200 day moving average is $12.55. Luminar Technologies has a fifty-two week low of $4.93 and a fifty-two week high of $45.68.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings results on Monday, November 11th. The company reported ($2.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.30) by $0.90. The firm had revenue of $15.49 million during the quarter, compared to the consensus estimate of $17.70 million. The firm’s revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($4.95) EPS. On average, analysts predict that Luminar Technologies will post -14.2 EPS for the current year.

Institutional Trading of Luminar Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its position in Luminar Technologies by 30.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 54,452 shares of the company’s stock valued at $49,000 after buying an additional 12,685 shares during the last quarter. Howard Financial Services LTD. raised its holdings in shares of Luminar Technologies by 24.0% in the third quarter. Howard Financial Services LTD. now owns 72,425 shares of the company’s stock valued at $65,000 after purchasing an additional 14,000 shares during the last quarter. Tyler Stone Wealth Management raised its holdings in shares of Luminar Technologies by 70.5% in the third quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock valued at $33,000 after purchasing an additional 15,300 shares during the last quarter. Entropy Technologies LP bought a new position in shares of Luminar Technologies during the fourth quarter valued at about $97,000. Finally, Invst LLC purchased a new position in Luminar Technologies during the second quarter worth about $28,000. 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.