Malaga Cove Capital LLC Increases Stake in Luminar Technologies, Inc. (NASDAQ:LAZR)

Malaga Cove Capital LLC lifted its stake in Luminar Technologies, Inc. (NASDAQ:LAZR) by 10.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 148,584 shares of the company’s stock after buying an additional 14,300 shares during the quarter. Malaga Cove Capital LLC’s holdings in Luminar Technologies were worth $221,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Daiwa Securities Group Inc. boosted its holdings in shares of Luminar Technologies by 54.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 45,772 shares of the company’s stock valued at $68,000 after purchasing an additional 16,116 shares during the last quarter. PFG Investments LLC lifted its position in shares of Luminar Technologies by 13.9% in the second quarter. PFG Investments LLC now owns 81,894 shares of the company’s stock worth $122,000 after buying an additional 10,000 shares in the last quarter. Rhumbline Advisers boosted its stake in Luminar Technologies by 14.8% during the second quarter. Rhumbline Advisers now owns 426,654 shares of the company’s stock valued at $636,000 after buying an additional 54,958 shares during the last quarter. Optas LLC purchased a new position in Luminar Technologies during the 2nd quarter valued at approximately $26,000. Finally, Nisa Investment Advisors LLC increased its stake in Luminar Technologies by 168.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 49,046 shares of the company’s stock worth $73,000 after acquiring an additional 30,796 shares during the last quarter. Institutional investors own 30.99% of the company’s stock.

Luminar Technologies Price Performance

Shares of NASDAQ LAZR opened at $0.82 on Tuesday. Luminar Technologies, Inc. has a 1 year low of $0.73 and a 1 year high of $5.48. The firm has a 50-day simple moving average of $1.32 and a two-hundred day simple moving average of $1.56. The company has a market cap of $364.25 million, a P/E ratio of -0.60 and a beta of 1.61.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results 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 business had revenue of $16.50 million for the quarter, compared to the consensus estimate of $20.36 million. Luminar Technologies’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.37) earnings per share. As a group, equities research analysts expect that Luminar Technologies, Inc. will post -1 EPS for the current year.

Analyst Ratings Changes

LAZR has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $1.00 target price on shares of Luminar Technologies in a research report on Tuesday. Citigroup reduced their target price on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, August 16th. JPMorgan Chase & Co. lowered their price target 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. The Goldman Sachs Group reduced their price objective on Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the stock in a research note on Thursday, July 11th. Finally, Rosenblatt Securities lowered their price objective on Luminar Technologies from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $3.74.

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.