The Goldman Sachs Group Lowers Luminar Technologies (NASDAQ:LAZR) Price Target to $0.50

Luminar Technologies (NASDAQ:LAZR) had its price target cut by equities researchers at The Goldman Sachs Group from $0.75 to $0.50 in a research report issued on Thursday,Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential downside of 48.98% from the company’s current price.

LAZR has been the topic of a number of other reports. Westpark Capital restated a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a research note on Tuesday, August 6th. JPMorgan Chase & Co. lowered their price target on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Craig Hallum dropped 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. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $1.00 price objective on shares of Luminar Technologies in a research report on Tuesday, September 10th. Finally, Citigroup dropped their target price on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $3.34.

Luminar Technologies Stock Performance

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

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results 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 firm had revenue of $15.49 million during the quarter, compared to analysts’ expectations of $17.70 million. During the same quarter in the prior year, the firm earned ($0.33) EPS. The firm’s revenue was down 8.6% compared to the same quarter last year. Analysts predict that Luminar Technologies will post -0.97 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Luminar Technologies by 5.1% during the first quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock worth $53,239,000 after buying an additional 1,319,480 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Luminar Technologies by 30.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 149,030 shares of the company’s stock worth $294,000 after purchasing an additional 34,566 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Luminar Technologies during the first quarter worth $163,000. American International Group Inc. grew its position in Luminar Technologies by 6.0% in the 1st quarter. American International Group Inc. now owns 143,517 shares of the company’s stock valued at $283,000 after buying an additional 8,089 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Luminar Technologies in the 2nd quarter valued at $55,000. 30.99% of the stock is currently owned by institutional investors and hedge funds.

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.