Luminar Technologies Target of Unusually Large Options Trading (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR) was the target of unusually large options trading on Tuesday. Traders purchased 17,361 call options on the stock. This represents an increase of approximately 49% compared to the typical daily volume of 11,689 call options.

Hedge Funds Weigh In On Luminar Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Optas LLC purchased a new stake in shares of Luminar Technologies during the second quarter worth about $26,000. Invst LLC acquired a new stake in Luminar Technologies during the 2nd quarter valued at approximately $28,000. Evergreen Wealth Solutions LLC purchased a new stake in Luminar Technologies during the 1st quarter worth approximately $39,000. 180 Wealth Advisors LLC increased its holdings in Luminar Technologies by 27.0% during the 2nd quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company’s stock worth $39,000 after purchasing an additional 5,592 shares during the last quarter. Finally, PEAK6 Investments LLC purchased a new position in shares of Luminar Technologies during the 3rd quarter valued at approximately $25,000. 30.99% of the stock is owned by hedge funds and other institutional investors.

Luminar Technologies Stock Performance

Luminar Technologies stock opened at $1.05 on Thursday. The firm has a market capitalization of $518.45 million, a PE ratio of -1.18 and a beta of 1.61. Luminar Technologies has a one year low of $0.73 and a one year high of $3.69. The stock’s 50 day moving average price is $0.86 and its 200 day moving average price is $1.25.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on LAZR. Rosenblatt Securities restated a “neutral” rating and issued a $2.00 price target on shares of Luminar Technologies in a report on Wednesday, October 2nd. Citigroup lowered their target price on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report on Friday, August 16th. Craig Hallum cut 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 note on Tuesday. JPMorgan Chase & Co. decreased 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. Finally, Westpark Capital restated a “buy” rating and set a $9.00 price objective on shares of Luminar Technologies in a report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.40.

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.