Brokerages Set Luminar Technologies, Inc. (NASDAQ:LAZR) Target Price at $3.40

Luminar Technologies, Inc. (NASDAQ:LAZR) has earned a consensus rating of “Hold” from the eight brokerages that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $3.34.

A number of equities research analysts recently commented on the company. Rosenblatt Securities reiterated a “neutral” rating and issued a $2.00 target price on shares of Luminar Technologies in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered their target price on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Monday, August 19th. The Goldman Sachs Group lowered their price target on Luminar Technologies from $0.75 to $0.50 and set a “sell” rating on the stock in a research report on Thursday. Westpark Capital reiterated a “buy” rating and set a $9.00 target price on shares of Luminar Technologies in a research report on Tuesday, August 6th. Finally, Citigroup reduced 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 report on Friday, August 16th.

Luminar Technologies Stock Down 4.9 %

Shares of NASDAQ:LAZR opened at $0.98 on Thursday. The company has a market capitalization of $483.88 million, a price-to-earnings ratio of -1.10 and a beta of 1.61. The firm has a 50 day moving average of $0.86 and a 200 day moving average of $1.24. Luminar Technologies has a 52 week low of $0.73 and a 52 week high of $3.69.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings data on Monday, November 11th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.06. The business had revenue of $15.49 million for the quarter, compared to analysts’ expectations of $17.70 million. During the same quarter in the prior year, the company posted ($0.33) EPS. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, sell-side analysts expect that Luminar Technologies will post -0.97 EPS for the current year.

Institutional Investors Weigh In On Luminar Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Luminar Technologies in the 1st quarter valued at $214,000. ProShare Advisors LLC raised its position in shares of Luminar Technologies by 16.0% during the 1st quarter. ProShare Advisors LLC now owns 52,321 shares of the company’s stock worth $103,000 after acquiring an additional 7,222 shares in the last quarter. Blair William & Co. IL increased its stake in Luminar Technologies by 59.3% in the first quarter. Blair William & Co. IL now owns 399,223 shares of the company’s stock valued at $786,000 after purchasing an additional 148,618 shares during the last quarter. Vanguard Group Inc. raised its holdings in Luminar Technologies by 5.1% during the first quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock worth $53,239,000 after purchasing an additional 1,319,480 shares in the last quarter. Finally, American International Group Inc. boosted its holdings in shares of Luminar Technologies by 6.0% in the 1st quarter. American International Group Inc. now owns 143,517 shares of the company’s stock valued at $283,000 after buying an additional 8,089 shares in the last quarter. Hedge funds and other institutional investors own 30.99% of the company’s stock.

Luminar Technologies Company 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.