Luminar Technologies (NASDAQ:LAZR) Price Target Cut to $0.50 by Analysts at The Goldman Sachs Group

Luminar Technologies (NASDAQ:LAZR) had its price target reduced by The Goldman Sachs Group from $0.75 to $0.50 in a research report report published on Thursday,Benzinga reports. They currently have a sell rating on the stock.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their target price on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Westpark Capital restated a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Craig Hallum lowered their price target 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. Rosenblatt Securities restated a “neutral” rating and set a $2.00 price target on shares of Luminar Technologies in a research report on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.00 target price on shares of Luminar Technologies in a research note on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Luminar Technologies presently has an average rating of “Hold” and a consensus target price of $3.34.

Luminar Technologies Stock Down 3.7 %

NASDAQ LAZR traded down $0.04 on Thursday, reaching $0.99. The company had a trading volume of 13,376,335 shares, compared to its average volume of 15,391,008. The stock has a market capitalization of $489.76 million, a PE ratio of -1.14 and a beta of 1.61. The firm’s 50 day moving average price is $0.86 and its 200 day moving average price is $1.25. Luminar Technologies has a 12 month low of $0.73 and a 12 month high of $3.69.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results on Monday, November 11th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.06. The firm had revenue of $15.49 million for the quarter, compared to the consensus estimate of $17.70 million. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.33) earnings per share. On average, research analysts expect that Luminar Technologies will post -0.97 EPS for the current year.

Hedge Funds Weigh In On Luminar Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Luminar Technologies by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock worth $53,239,000 after purchasing an additional 1,319,480 shares during the last quarter. State Street Corp boosted its stake in shares of Luminar Technologies by 2.7% during the 3rd quarter. State Street Corp now owns 8,525,374 shares of the company’s stock worth $7,670,000 after purchasing an additional 225,223 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Luminar Technologies by 16.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock worth $2,691,000 after acquiring an additional 425,335 shares during the last quarter. Boulder Hill Capital Management LP acquired a new stake in shares of Luminar Technologies in the first quarter worth approximately $1,375,000. Finally, Blair William & Co. IL boosted its position in shares of Luminar Technologies by 51.7% in the second quarter. Blair William & Co. IL now owns 605,735 shares of the company’s stock worth $903,000 after acquiring an additional 206,512 shares during the last quarter. 30.99% of the stock is currently owned by hedge funds and other institutional investors.

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.