The Goldman Sachs Group Cuts Luminar Technologies (NASDAQ:LAZR) Price Target to $0.50

Luminar Technologies (NASDAQ:LAZR) had its price objective lowered by investment analysts at The Goldman Sachs Group from $0.75 to $0.50 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s price target points to a potential downside of 52.61% from the company’s current price.

Several other brokerages have also issued reports on LAZR. JPMorgan Chase & Co. cut their price target on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Monday, August 19th. Rosenblatt Securities reiterated a “neutral” rating and set a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Westpark Capital reissued a “buy” rating and issued a $9.00 price objective on shares of Luminar Technologies in a research note on Tuesday, August 6th. Craig Hallum cut their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a research report on Tuesday. Finally, Citigroup cut their price objective on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.34.

Luminar Technologies Stock Up 0.5 %

Luminar Technologies stock traded up $0.01 during mid-day trading on Thursday, hitting $1.06. 3,457,279 shares of the stock were exchanged, compared to its average volume of 15,364,600. The stock has a market capitalization of $520.92 million, a price-to-earnings ratio of -1.19 and a beta of 1.61. Luminar Technologies has a 12 month low of $0.73 and a 12 month high of $3.69. The firm’s fifty day simple moving average is $0.86 and its two-hundred day simple moving average is $1.25.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings data on Monday, November 11th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.06. The firm had revenue of $15.49 million for the quarter, compared to analyst estimates of $17.70 million. During the same quarter last year, the company earned ($0.33) earnings per share. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. As a group, analysts forecast that Luminar Technologies will post -0.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Luminar Technologies

Several institutional investors have recently added to or reduced their stakes in the business. ProShare Advisors LLC increased its stake in shares of Luminar Technologies by 16.0% in the first quarter. ProShare Advisors LLC now owns 52,321 shares of the company’s stock worth $103,000 after purchasing an additional 7,222 shares in the last quarter. Blair William & Co. IL boosted its holdings in Luminar Technologies by 59.3% in the 1st quarter. Blair William & Co. IL now owns 399,223 shares of the company’s stock worth $786,000 after buying an additional 148,618 shares during the period. Vanguard Group Inc. grew its stake in Luminar Technologies by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock valued at $53,239,000 after buying an additional 1,319,480 shares in the last quarter. American International Group Inc. raised its holdings in Luminar Technologies by 6.0% during the 1st quarter. American International Group Inc. now owns 143,517 shares of the company’s stock valued at $283,000 after acquiring an additional 8,089 shares during the period. Finally, Boulder Hill Capital Management LP bought a new position in shares of Luminar Technologies in the first quarter worth $1,375,000. 30.99% of the stock is owned by hedge funds and other institutional investors.

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.