Shares of Luminar Technologies, Inc. (NASDAQ:LAZR – Get Free Report) were down 5.7% during midday trading on Friday. The stock traded as low as $1.70 and was last traded at $1.72. About 3,020,233 shares changed hands during midday trading, a decline of 63% from the average daily volume of 8,159,909 shares. The stock previously closed at $1.83.

Wall Street analysts predict growth

LAZR has been the subject of a number of analyst reports. Citigroup lowered their price target on shares of Luminar Technologies from $11.00 to $9.00 and set a “buy” rating on the company in a report on Thursday, May 9th. Bank of America reiterated an “underperform” rating and gave a $1.20 price target on shares of Luminar Technologies (down from $3.50) in a research report on Wednesday, April 10th. The Goldman Sachs Group lowered their price target on Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the company in a research report on Thursday, July 11th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and gave a $8.00 price target on shares of Luminar Technologies (down from $20.00) in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given the company a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.37.

Get our latest report on LAZR

Luminar Technologies is trading 8.5% lower

The company has a market cap of $744.19 million, a price-to-earnings ratio of -1.22, and a beta of 1.62. The company has a fifty day moving average price of $1.59 and a 200 day moving average price of $1.96.

Luminar Technologies (NASDAQ:LAZR – Get Free Report) last released its quarterly earnings results on Tuesday, May 07. The company reported ($0.30) EPS for the quarter, which topped analysts’ consensus estimates of ($0.30). The company had revenue of $20.97 million during the quarter, compared to analysts’ estimates of $22.09 million. As a group, equities analysts predict that Luminar Technologies, Inc. will post -1 EPS for the current fiscal year.

Institutional investors weigh Luminar Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LAZR. Evergreen Wealth Solutions LLC purchased a new stake in shares of Luminar Technologies during the first quarter worth approximately $39,000. 180 Wealth Advisors LLC increased its stake in shares of Luminar Technologies by 27.0% in the 2nd quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company’s stock worth $39,000 after purchasing an additional 5,592 shares during the period. Vahanian & Associates Financial Planning Inc. acquired a new stake in shares of Luminar Technologies during the 4th quarter worth $41,000. Leo Wealth LLC purchased a new stake in shares of Luminar Technologies during the fourth quarter worth $43,000. Finally, Brave Asset Management Inc. purchased a new position in Luminar Technologies in the fourth quarter worth approximately $49,000. Institutional investors and hedge funds own 30.99% of the company’s shares.

About Luminar Technologies

(Get free report)

Luminar Technologies, Inc., an automotive technology company, provides sensor technologies and software for passenger cars and commercial vehicles in North America, Asia Pacific, Europe and the Middle East. The company operates in two segments: Autonomy Solutions and Advanced Technologies and Services. The Autonomy Solutions segment designs, manufactures and sells laser imaging, sensing and ranging sensors, or lidars, as well as related perception and autonomy software solutions primarily to original equipment manufacturers in the automotive, commercial vehicle, robo-taxi and related industries.

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