Citigroup Lowers Luminar Technologies (NASDAQ:LAZR) Price Target to $24.00

Luminar Technologies (NASDAQ:LAZRGet Rating) had its price target decreased by analysts at Citigroup from $31.00 to $24.00 in a report released on Friday, The Fly reports. Citigroup’s price target would indicate a potential upside of 114.86% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Luminar Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Credit Suisse Group began coverage on shares of Luminar Technologies in a research report on Thursday, April 14th. They set an “outperform” rating and a $22.00 target price on the stock. Sumitomo Mitsui Financial Group began coverage on shares of Luminar Technologies in a research report on Tuesday, March 29th. They set a “neutral” rating and a $16.00 target price on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Luminar Technologies from $28.00 to $23.00 in a research report on Tuesday, March 1st. Finally, Jefferies Financial Group started coverage on shares of Luminar Technologies in a research report on Thursday, January 27th. They set a “buy” rating and a $20.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $23.50.

Shares of LAZR opened at $11.17 on Friday. Luminar Technologies has a 52 week low of $11.12 and a 52 week high of $26.39. The firm has a market cap of $3.90 billion, a P/E ratio of -15.96 and a beta of 1.43. The firm’s 50-day simple moving average is $13.93 and its 200 day simple moving average is $15.37. The company has a debt-to-equity ratio of 3.08, a quick ratio of 21.41 and a current ratio of 21.68.

Luminar Technologies (NASDAQ:LAZRGet Rating) last announced its earnings results on Monday, February 28th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.03. Luminar Technologies had a negative net margin of 745.01% and a negative return on equity of 44.05%. The firm had revenue of $12.34 million for the quarter, compared to analyst estimates of $12.07 million. As a group, equities analysts forecast that Luminar Technologies will post -0.75 earnings per share for the current year.

In related news, Director Jun Hong Heng sold 188,172 shares of the stock in a transaction that occurred on Thursday, March 17th. The shares were sold at an average price of $14.09, for a total value of $2,651,343.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Austin Russell acquired 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 15th. The stock was bought at an average cost of $16.14 per share, with a total value of $242,100.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 75,000 shares of company stock valued at $1,097,550 and have sold 523,062 shares valued at $7,435,589. Corporate insiders own 43.25% of the company’s stock.

Large investors have recently modified their holdings of the stock. Macquarie Group Ltd. lifted its stake in Luminar Technologies by 84.6% in the 3rd quarter. Macquarie Group Ltd. now owns 5,546,897 shares of the company’s stock valued at $86,532,000 after purchasing an additional 2,542,628 shares during the last quarter. Alexandria Capital LLC lifted its stake in Luminar Technologies by 12.4% in the 3rd quarter. Alexandria Capital LLC now owns 101,922 shares of the company’s stock valued at $1,590,000 after purchasing an additional 11,232 shares during the last quarter. Morgan Stanley raised its stake in shares of Luminar Technologies by 171.9% during the third quarter. Morgan Stanley now owns 878,930 shares of the company’s stock valued at $13,711,000 after acquiring an additional 555,732 shares during the last quarter. Vantage Investment Partners LLC raised its stake in shares of Luminar Technologies by 15.4% during the fourth quarter. Vantage Investment Partners LLC now owns 5,424,610 shares of the company’s stock valued at $91,730,000 after acquiring an additional 724,816 shares during the last quarter. Finally, First Republic Investment Management Inc. raised its stake in shares of Luminar Technologies by 585.5% during the third quarter. First Republic Investment Management Inc. now owns 64,591 shares of the company’s stock valued at $1,008,000 after acquiring an additional 55,168 shares during the last quarter. 58.54% of the stock is owned by institutional investors and hedge funds.

About Luminar Technologies (Get Rating)

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 Components. The Autonomy Solutions segment designs, manufactures, and sells laser imaging, detection, and ranging sensors, as well as related perception and autonomy software solutions primarily for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and adjacent industries.

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