Rosenblatt Securities Cuts Luminar Technologies (NASDAQ:LAZR) Price Target to $2.00

Luminar Technologies (NASDAQ:LAZR) had its price objective cut by Rosenblatt Securities from $3.00 to $2.00 in a report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also recently commented on LAZR. Westpark Capital reiterated a buy rating and issued a $9.00 price target on shares of Luminar Technologies in a research note on Tuesday. Citigroup cut their price target on shares of Luminar Technologies from $11.00 to $9.00 and set a buy rating on the stock in a research note on Thursday, May 9th. Bank of America reaffirmed an underperform rating and issued a $1.20 price target (down previously from $3.50) on shares of Luminar Technologies in a report on Wednesday, April 10th. Finally, The Goldman Sachs Group dropped their price objective on shares of Luminar Technologies from $1.50 to $1.00 and set a sell rating on the stock in a report on Thursday, July 11th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Luminar Technologies has a consensus rating of Hold and a consensus target price of $4.89.

Luminar Technologies Stock Performance

LAZR stock traded down $0.03 during trading on Wednesday, reaching $0.90. 27,810,424 shares of the company traded hands, compared to its average volume of 8,796,072. The business has a 50 day simple moving average of $1.52 and a 200 day simple moving average of $1.83. Luminar Technologies has a 12 month low of $0.84 and a 12 month high of $6.52. The company has a market capitalization of $401.95 million, a price-to-earnings ratio of -0.66 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The firm had revenue of $16.50 million during the quarter, compared to analysts’ expectations of $20.36 million. During the same period in the previous year, the firm earned ($0.37) EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, research analysts forecast that Luminar Technologies will post -1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Raymond James & Associates boosted its holdings in Luminar Technologies by 39.3% during the fourth quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock worth $3,353,000 after buying an additional 280,775 shares in the last quarter. Victory Capital Management Inc. boosted its position in Luminar Technologies by 27.9% during the fourth quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock worth $117,000 after purchasing an additional 7,564 shares in the last quarter. Vanguard Group Inc. grew its holdings in Luminar Technologies by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock valued at $86,627,000 after purchasing an additional 1,671,708 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Luminar Technologies by 48.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 714,135 shares of the company’s stock worth $2,407,000 after buying an additional 232,024 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Luminar Technologies during the 1st quarter valued at approximately $214,000. 30.99% of the stock is currently owned by hedge funds and other institutional investors.

About Luminar Technologies

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.