Luminar Technologies (NASDAQ:LAZR) Shares Gap Up After Strong Earnings

Luminar Technologies, Inc. (NASDAQ:LAZR) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $1.02, but opened at $1.05. Luminar Technologies shares last traded at $1.11, with a volume of 7,815,418 shares.

The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.06. The company had revenue of $15.49 million for the quarter, compared to analyst estimates of $17.70 million. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.33) EPS.

Wall Street Analyst Weigh In

LAZR has been the topic of several research analyst reports. Citigroup lowered their price target on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.00 price target on shares of Luminar Technologies in a report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their price objective 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. Craig Hallum cut their target price on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating for the company in a research note on Tuesday. Finally, Westpark Capital restated a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.40.

Institutional Trading of Luminar Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Luminar Technologies by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock worth $53,239,000 after acquiring an additional 1,319,480 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Luminar Technologies by 16.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock worth $2,691,000 after purchasing an additional 425,335 shares during the last quarter. Boulder Hill Capital Management LP bought a new stake in Luminar Technologies during the 1st quarter valued at approximately $1,375,000. Blair William & Co. IL grew its holdings in Luminar Technologies by 51.7% in the 2nd quarter. Blair William & Co. IL now owns 605,735 shares of the company’s stock valued at $903,000 after buying an additional 206,512 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in Luminar Technologies by 5,037.2% in the 3rd quarter. SG Americas Securities LLC now owns 576,547 shares of the company’s stock worth $519,000 after buying an additional 565,324 shares during the period. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Luminar Technologies Price Performance

The company has a market capitalization of $518.45 million, a price-to-earnings ratio of -1.18 and a beta of 1.61. The business has a fifty day moving average price of $0.86 and a 200 day moving average price of $1.25.

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.