Luminar Technologies, Inc. (NASDAQ:LAZR) Short Interest Update

Luminar Technologies, Inc. (NASDAQ:LAZR) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 110,860,000 shares, an increase of 14.0% from the September 30th total of 97,230,000 shares. Based on an average daily trading volume, of 25,190,000 shares, the short-interest ratio is currently 4.4 days.

Luminar Technologies Stock Down 6.5 %

Shares of NASDAQ LAZR traded down $0.06 during trading hours on Thursday, reaching $0.81. 24,796,654 shares of the stock traded hands, compared to its average volume of 14,236,174. The company’s 50-day simple moving average is $0.88 and its two-hundred day simple moving average is $1.28. The company has a market capitalization of $397.48 million, a P/E ratio of -0.67 and a beta of 1.60. Luminar Technologies has a 52-week low of $0.73 and a 52-week high of $3.99.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.04. The business had revenue of $16.50 million for the quarter, compared to analysts’ expectations of $20.36 million. During the same period last year, the business posted ($0.37) earnings per share. The company’s revenue was up 1.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Luminar Technologies will post -0.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LAZR. Wealth Enhancement Advisory Services LLC grew its position in Luminar Technologies by 30.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 54,452 shares of the company’s stock worth $49,000 after acquiring an additional 12,685 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Luminar Technologies by 6.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 376,155 shares of the company’s stock worth $342,000 after buying an additional 22,400 shares during the period. Sequoia Financial Advisors LLC bought a new stake in Luminar Technologies in the 3rd quarter worth $141,000. Howard Financial Services LTD. boosted its holdings in shares of Luminar Technologies by 24.0% during the third quarter. Howard Financial Services LTD. now owns 72,425 shares of the company’s stock worth $65,000 after purchasing an additional 14,000 shares during the period. Finally, SG Americas Securities LLC boosted its stake in shares of Luminar Technologies by 5,037.2% during the 3rd quarter. SG Americas Securities LLC now owns 576,547 shares of the company’s stock valued at $519,000 after purchasing an additional 565,324 shares in the last quarter. 30.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

LAZR has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.00 price objective on shares of Luminar Technologies in a research report on Tuesday, September 10th. Rosenblatt Securities reiterated a “neutral” rating and issued a $2.00 price objective on shares of Luminar Technologies in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. reduced their target price on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Monday, August 19th. Citigroup lowered their price target on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Finally, The Goldman Sachs Group cut their price objective on Luminar Technologies from $1.50 to $1.00 and set a “sell” rating for the company in a report on Thursday, July 11th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Luminar Technologies currently has a consensus rating of “Hold” and an average target price of $3.74.

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.