Craig Hallum Issues Pessimistic Forecast for Luminar Technologies (NASDAQ:LAZR) Stock Price

Luminar Technologies (NASDAQ:LAZR) had its price target lowered by Craig Hallum from $1.50 to $1.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a hold rating on the stock.

Several other brokerages have also recently weighed in on LAZR. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.00 price target on shares of Luminar Technologies in a research report on Tuesday, September 10th. Rosenblatt Securities reiterated a “neutral” rating and issued a $2.00 price objective on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Citigroup reduced their target price on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report on Friday, August 16th. Westpark Capital reissued a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Luminar Technologies has an average rating of “Hold” and an average price target of $3.34.

Luminar Technologies Trading Down 4.9 %

LAZR stock opened at $0.98 on Tuesday. The stock has a 50-day moving average price of $0.86 and a 200-day moving average price of $1.24. Luminar Technologies has a 1-year low of $0.73 and a 1-year high of $3.69. The firm has a market cap of $483.88 million, a PE ratio of -1.10 and a beta of 1.61.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings data on Monday, November 11th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.06. 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. On average, analysts forecast that Luminar Technologies will post -0.97 earnings per share for the current year.

Hedge Funds Weigh In On Luminar Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Luminar Technologies by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock valued at $53,239,000 after purchasing an additional 1,319,480 shares during the last quarter. Boulder Hill Capital Management LP purchased a new position in Luminar Technologies in the 1st quarter worth about $1,375,000. Barclays PLC grew its position in Luminar Technologies by 469.2% in the 3rd quarter. Barclays PLC now owns 842,288 shares of the company’s stock worth $757,000 after purchasing an additional 694,315 shares during the period. XTX Topco Ltd grew its stake in shares of Luminar Technologies by 819.6% during the 3rd quarter. XTX Topco Ltd now owns 649,175 shares of the company’s stock valued at $584,000 after purchasing an additional 578,582 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of Luminar Technologies by 5,037.2% during the 3rd quarter. SG Americas Securities LLC now owns 576,547 shares of the company’s stock valued at $519,000 after acquiring an additional 565,324 shares during the period. 30.99% of the stock is currently owned by 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.