Luminar Technologies (NASDAQ:LAZR) Posts Earnings Results, Beats Estimates By $0.06 EPS

Luminar Technologies (NASDAQ:LAZR) released its quarterly earnings data on Monday. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.06, Briefing.com reports. The company had revenue of $15.49 million for the quarter, compared to the consensus estimate of $17.70 million. Luminar Technologies’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period last year, the company earned ($0.33) EPS.

Luminar Technologies Trading Down 7.1 %

Shares of LAZR stock traded down $0.08 during trading hours on Wednesday, hitting $1.05. 22,990,889 shares of the company were exchanged, compared to its average volume of 15,418,456. The firm has a fifty day simple moving average of $0.85 and a 200 day simple moving average of $1.25. The stock has a market capitalization of $518.45 million, a price-to-earnings ratio of -1.20 and a beta of 1.61. Luminar Technologies has a 52-week low of $0.73 and a 52-week high of $3.69.

Wall Street Analysts Forecast Growth

LAZR has been the topic of a number of research analyst reports. 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 research report on Friday, August 16th. Craig Hallum cut their price objective on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a research report on Tuesday. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.00 target price on shares of Luminar Technologies in a report on Tuesday, September 10th. Rosenblatt Securities restated a “neutral” rating and issued a $2.00 target price on shares of Luminar Technologies in a report on Wednesday, October 2nd. Finally, Westpark Capital reiterated a “buy” rating and issued a $9.00 price objective on shares of Luminar Technologies in a research note on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $3.40.

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.