Cresset Asset Management LLC Sells 419,656 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

Cresset Asset Management LLC lowered its stake in Luminar Technologies, Inc. (NASDAQ:LAZR) by 93.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 29,130 shares of the company’s stock after selling 419,656 shares during the quarter. Cresset Asset Management LLC’s holdings in Luminar Technologies were worth $157,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. BNP Paribas Financial Markets bought a new stake in shares of Luminar Technologies in the 4th quarter valued at $40,000. DnB Asset Management AS bought a new stake in shares of Luminar Technologies in the 4th quarter valued at $91,000. Entropy Technologies LP bought a new stake in shares of Luminar Technologies in the 4th quarter valued at $97,000. SBI Securities Co. Ltd. bought a new stake in shares of Luminar Technologies in the 4th quarter valued at $155,000. Finally, Brevan Howard Capital Management LP increased its stake in Luminar Technologies by 199.3% during the 4th quarter. Brevan Howard Capital Management LP now owns 32,160 shares of the company’s stock valued at $173,000 after purchasing an additional 21,416 shares in the last quarter. Institutional investors own 30.99% of the company’s stock.

Luminar Technologies Price Performance

NASDAQ LAZR opened at $4.72 on Monday. Luminar Technologies, Inc. has a 1 year low of $3.30 and a 1 year high of $32.70. The firm has a market cap of $200.08 million, a price-to-earnings ratio of -0.35 and a beta of 2.06. The company has a fifty day moving average price of $4.77 and a 200-day moving average price of $6.58.

Luminar Technologies (NASDAQ:LAZR) last posted its earnings results on Wednesday, May 14th. The company reported ($1.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.75) by $0.25. The firm had revenue of $18.89 million during the quarter, compared to the consensus estimate of $16.27 million. During the same quarter in the previous year, the company earned ($0.19) EPS. The business’s revenue was down 10.0% compared to the same quarter last year. On average, research analysts anticipate that Luminar Technologies, Inc. will post -14.2 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on LAZR. JPMorgan Chase & Co. restated a “neutral” rating on shares of Luminar Technologies in a research note on Thursday. The Goldman Sachs Group decreased their price target on shares of Luminar Technologies from $3.50 to $2.00 and set a “sell” rating for the company in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $53.86.

Luminar Technologies 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.