Luminar Technologies (NASDAQ:LAZR) Shares Gap Up – Should You Buy?

Luminar Technologies, Inc. (NASDAQ:LAZR) shares gapped up prior to trading on Tuesday . The stock had previously closed at $1.02, but opened at $1.05. Luminar Technologies shares last traded at $1.11, with a volume of 7,815,418 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on LAZR shares. Citigroup dropped their price target on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Rosenblatt Securities restated a “neutral” rating and issued a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. dropped their price target on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $1.00 price objective on shares of Luminar Technologies in a research report on Tuesday, September 10th. Finally, Westpark Capital reiterated a “buy” rating and set a $9.00 price objective on shares of Luminar Technologies in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Luminar Technologies has an average rating of “Hold” and an average target price of $3.40.

Luminar Technologies Stock Up 6.4 %

The company has a 50-day moving average of $0.85 and a 200 day moving average of $1.25. The firm has a market capitalization of $535.73 million, a PE ratio of -0.89 and a beta of 1.61.

Institutional Investors Weigh In On Luminar Technologies

Institutional investors 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. Susquehanna Fundamental Investments LLC bought a new position in Luminar Technologies during the 1st quarter valued at approximately $214,000. Price T Rowe Associates Inc. MD raised its position in Luminar Technologies by 30.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 149,030 shares of the company’s stock valued at $294,000 after purchasing an additional 34,566 shares during the last quarter. Virtu Financial LLC bought a new position in Luminar Technologies during the 1st quarter valued at approximately $163,000. Finally, American International Group Inc. raised its position 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 purchasing an additional 8,089 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.