Luminar Technologies (NASDAQ:LAZR) Downgraded by Zacks Investment Research

Luminar Technologies (NASDAQ:LAZRGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Luminar Technologies Inc. is an autonomous vehicle sensor and software company. Luminar Technologies, formerly known as Gores Metropoulos Inc., is based in FL, United States. “

LAZR has been the subject of several other research reports. Credit Suisse Group started coverage on Luminar Technologies in a report on Thursday, April 14th. They issued an “outperform” rating and a $22.00 price target for the company. Jefferies Financial Group started coverage on Luminar Technologies in a report on Thursday, January 27th. They issued a “buy” rating and a $20.00 price target for the company. Citigroup cut their price target on Luminar Technologies from $31.00 to $24.00 in a report on Friday, May 6th. The Goldman Sachs Group started coverage on Luminar Technologies in a report on Tuesday, February 1st. They issued a “neutral” rating and a $14.00 price target for the company. Finally, Sumitomo Mitsui Financial Group started coverage on Luminar Technologies in a report on Tuesday, March 29th. They issued a “neutral” rating and a $16.00 target price for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $23.50.

LAZR opened at $10.38 on Wednesday. Luminar Technologies has a 52-week low of $8.00 and a 52-week high of $26.39. The company has a debt-to-equity ratio of 4.92, a quick ratio of 15.85 and a current ratio of 16.06. The company has a market cap of $3.63 billion, a PE ratio of -14.42 and a beta of 1.43. The stock has a 50-day moving average of $13.22 and a 200-day moving average of $15.00.

Luminar Technologies (NASDAQ:LAZRGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The company reported ($0.16) earnings per share for the quarter, hitting the consensus estimate of ($0.16). Luminar Technologies had a negative return on equity of 73.24% and a negative net margin of 747.76%. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. On average, research analysts predict that Luminar Technologies will post -0.93 earnings per share for the current year.

In other news, CEO Austin Russell acquired 15,000 shares of the firm’s stock in a transaction on Tuesday, April 5th. The shares were purchased at an average cost of $15.67 per share, for a total transaction of $235,050.00. Following the transaction, the chief executive officer now owns 155,000 shares of the company’s stock, valued at $2,428,850. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jun Hong Heng sold 142,933 shares of the stock in a transaction on Wednesday, March 9th. The shares were sold at an average price of $13.30, for a total value of $1,901,008.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 360,000 shares of company stock worth $3,522,450 and have sold 391,062 shares worth $5,393,549. 43.25% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of LAZR. North Star Investment Management Corp. lifted its stake in shares of Luminar Technologies by 303.1% in the 4th quarter. North Star Investment Management Corp. now owns 6,038,116 shares of the company’s stock valued at $102,105,000 after purchasing an additional 4,540,265 shares during the period. Macquarie Group Ltd. lifted its stake in shares of 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 period. Bank of Montreal Can lifted its stake in shares of Luminar Technologies by 4,481.5% in the 1st quarter. Bank of Montreal Can now owns 2,488,690 shares of the company’s stock valued at $38,600,000 after purchasing an additional 2,434,370 shares during the period. Norges Bank acquired a new position in shares of Luminar Technologies in the 4th quarter valued at $26,439,000. Finally, CQS US LLC bought a new position in Luminar Technologies during the first quarter worth about $16,180,000. 58.54% of the stock is currently owned by institutional investors.

Luminar Technologies Company Profile (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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