Luminar Technologies (NASDAQ:LAZR) Shares Up 7.5% – Should You Buy?

Luminar Technologies, Inc. (NASDAQ:LAZR)’s share price rose 7.5% during mid-day trading on Wednesday . The stock traded as high as $1.23 and last traded at $1.22. Approximately 6,999,421 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 15,345,667 shares. The stock had previously closed at $1.13.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on LAZR. Rosenblatt Securities reaffirmed a “neutral” rating and set a $2.00 target price on shares of Luminar Technologies in a research report on Wednesday, October 2nd. The Goldman Sachs Group reduced their price objective on Luminar Technologies from $0.75 to $0.50 and set a “sell” rating on the stock in a report on Thursday. Craig Hallum lowered their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating for the company in a report on Tuesday. Westpark Capital restated a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a research note on Tuesday, August 6th. Finally, Citigroup lowered their price objective on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Luminar Technologies has a consensus rating of “Hold” and a consensus price target of $3.34.

Luminar Technologies Price Performance

The business has a 50-day moving average of $0.86 and a two-hundred day moving average of $1.25. The company has a market cap of $508.57 million, a P/E ratio of -1.16 and a beta of 1.61.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings results on Monday, November 11th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06. The firm had revenue of $15.49 million during the quarter, compared to the consensus estimate of $17.70 million. During the same quarter in the prior year, the business posted ($0.33) earnings per share. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. Equities analysts anticipate that Luminar Technologies, Inc. will post -0.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

A number of large investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in Luminar Technologies during the 3rd quarter worth $31,000. PEAK6 Investments LLC acquired a new stake in Luminar Technologies in the third quarter worth about $25,000. Caz Investments LP grew its stake in shares of Luminar Technologies by 100.0% during the third quarter. Caz Investments LP now owns 300,000 shares of the company’s stock worth $270,000 after acquiring an additional 150,000 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Luminar Technologies by 16.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock valued at $2,691,000 after acquiring an additional 425,335 shares in the last quarter. Finally, Tyler Stone Wealth Management raised its position in shares of Luminar Technologies by 70.5% in the 3rd 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. 30.99% of the stock is owned by institutional investors and hedge funds.

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.