The Goldman Sachs Group Issues Pessimistic Forecast for Luminar Technologies (NASDAQ:LAZR) Stock Price

Luminar Technologies (NASDAQ:LAZR) had its target price reduced by The Goldman Sachs Group from $3.50 to $2.00 in a report released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

Luminar Technologies Stock Down 2.2 %

NASDAQ LAZR opened at $4.42 on Thursday. The business’s fifty day simple moving average is $5.59 and its 200-day simple moving average is $8.15. The firm has a market cap of $187.36 million, a PE ratio of -0.33 and a beta of 1.86. Luminar Technologies has a 52 week low of $4.25 and a 52 week high of $34.80.

Institutional Trading of Luminar Technologies

Several hedge funds have recently added to or reduced their stakes in LAZR. BNP Paribas Financial Markets purchased a new position in Luminar Technologies in the fourth quarter valued at $40,000. GAMMA Investing LLC increased its holdings in shares of Luminar Technologies by 1,077.9% in the 1st quarter. GAMMA Investing LLC now owns 9,470 shares of the company’s stock valued at $51,000 after acquiring an additional 8,666 shares during the last quarter. DnB Asset Management AS purchased a new position in shares of Luminar Technologies in the 4th quarter valued at about $91,000. Entropy Technologies LP acquired a new stake in shares of Luminar Technologies during the 4th quarter worth about $97,000. Finally, Stifel Financial Corp lifted its stake in Luminar Technologies by 118.5% during the third quarter. Stifel Financial Corp now owns 141,005 shares of the company’s stock worth $127,000 after purchasing an additional 76,470 shares during the last quarter. 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.