Principal Financial Group Inc. Sells 10,656 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

Principal Financial Group Inc. cut its holdings in Luminar Technologies, Inc. (NASDAQ:LAZR) by 24.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,023 shares of the company’s stock after selling 10,656 shares during the period. Principal Financial Group Inc.’s holdings in Luminar Technologies were worth $30,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. PEAK6 Investments LLC purchased a new stake in Luminar Technologies during the 3rd quarter valued at $25,000. Invst LLC purchased a new position in shares of Luminar Technologies during the 2nd quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Luminar Technologies in the third quarter worth $31,000. Tyler Stone Wealth Management lifted its position in Luminar Technologies by 70.5% during the 3rd quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock valued at $33,000 after acquiring an additional 15,300 shares during the period. Finally, Point72 DIFC Ltd purchased a new position in shares of Luminar Technologies during the third quarter valued at approximately $40,000. Institutional investors own 30.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $30.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $15.00 target price on shares of Luminar Technologies in a research report on Tuesday, September 10th. Craig Hallum dropped their target price on shares of Luminar Technologies from $22.50 to $15.00 and set a “hold” rating for the company in a report on Tuesday, November 12th. Finally, The Goldman Sachs Group reduced their price objective on shares of Luminar Technologies from $11.25 to $7.50 and set a “sell” rating on the stock in a research report on Thursday, November 14th. Two 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, the company has a consensus rating of “Hold” and a consensus price target of $50.06.

Luminar Technologies Stock Performance

NASDAQ:LAZR opened at $8.84 on Wednesday. The firm has a market cap of $294.49 million, a price-to-earnings ratio of -0.66 and a beta of 1.60. Luminar Technologies, Inc. has a one year low of $4.93 and a one year high of $53.48. The firm’s fifty day moving average is $9.19 and its two-hundred day moving average is $14.33.

Luminar Technologies (NASDAQ:LAZR) last posted its 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 for the quarter, compared to analysts’ expectations of $17.70 million. During the same period in the previous year, the company earned ($4.95) earnings per share. The company’s revenue was down 8.6% compared to the same quarter last year. As a group, equities research analysts predict that Luminar Technologies, Inc. will post -14.2 earnings per share for the current fiscal year.

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.