Luminar Technologies (NASDAQ:LAZR) Shares Gap Up to $1.40

Luminar Technologies, Inc. (NASDAQ:LAZR) gapped up prior to trading on Wednesday . The stock had previously closed at $1.40, but opened at $1.45. Luminar Technologies shares last traded at $1.51, with a volume of 962,636 shares changing hands.

Analysts Set New Price Targets

Several research analysts have commented on the company. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $8.00 target price (down from $20.00) on shares of Luminar Technologies in a report on Tuesday, March 26th. Bank of America reissued an “underperform” rating and set a $1.20 target price (down previously from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. Finally, Citigroup reduced their price objective on shares of Luminar Technologies from $11.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.45.

Luminar Technologies Price Performance

The company has a fifty day moving average price of $1.55 and a 200 day moving average price of $2.10. The stock has a market cap of $690.62 million, a P/E ratio of -1.13 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, meeting the consensus estimate of ($0.30). The business had revenue of $20.97 million during the quarter, compared to the consensus estimate of $22.09 million. As a group, sell-side analysts expect that Luminar Technologies, Inc. will post -1 earnings per share for the current fiscal year.

Institutional Trading of Luminar Technologies

Institutional investors have recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in Luminar Technologies during the first quarter worth $163,000. Evergreen Wealth Solutions LLC bought a new position in Luminar Technologies during the first quarter valued at about $39,000. Price T Rowe Associates Inc. MD increased its holdings in Luminar Technologies by 30.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 149,030 shares of the company’s stock worth $294,000 after buying an additional 34,566 shares during the last quarter. Caz Investments LP raised its position in Luminar Technologies by 25.0% in the first quarter. Caz Investments LP now owns 150,000 shares of the company’s stock worth $296,000 after acquiring an additional 30,000 shares during the period. Finally, Boulder Hill Capital Management LP purchased a new position in Luminar Technologies in the first quarter valued at about $1,375,000. Institutional investors own 30.99% of the company’s stock.

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.