Luminar Technologies (NASDAQ:LAZR) PT Lowered to $9.00 at The Goldman Sachs Group

Luminar Technologies (NASDAQ:LAZRGet Rating) had its target price lowered by The Goldman Sachs Group from $12.00 to $9.00 in a report released on Wednesday morning, Stock Target Advisor reports. The firm currently has a neutral rating on the stock.

A number of other analysts have also weighed in on LAZR. Citigroup lowered their target price on Luminar Technologies from $31.00 to $24.00 in a research note on Friday, May 6th. 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 price target on the stock. Northland Securities decreased their price target on Luminar Technologies from $23.00 to $13.00 and set an outperform rating on the stock in a report on Thursday, May 19th. Zacks Investment Research cut Luminar Technologies from a hold rating to a sell rating in a report on Wednesday, May 18th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Luminar Technologies from $28.00 to $23.00 in a report on Tuesday, March 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $21.27.

Luminar Technologies stock traded down $0.21 during mid-day trading on Wednesday, hitting $10.13. 89,629 shares of the company were exchanged, compared to its average volume of 6,429,427. The company has a quick ratio of 15.85, a current ratio of 16.06 and a debt-to-equity ratio of 4.92. The business has a fifty day moving average of $12.43 and a 200 day moving average of $14.40. Luminar Technologies has a 1-year low of $8.00 and a 1-year high of $26.39. The company has a market capitalization of $3.54 billion, a PE ratio of -14.07 and a beta of 1.43.

Luminar Technologies (NASDAQ:LAZRGet Rating) last announced its earnings results on Thursday, May 5th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.03). Luminar Technologies had a negative net margin of 747.76% and a negative return on equity of 73.24%. The business had revenue of $6.86 million during the quarter, compared to analyst estimates of $9.59 million. During the same quarter last year, the business posted ($0.09) earnings per share. Research analysts expect that Luminar Technologies will post -1 earnings per share for the current year.

In related news, CEO Austin Russell acquired 300,000 shares of the company’s stock in a transaction dated Tuesday, May 10th. The shares were bought at an average price of $8.89 per share, for a total transaction of $2,667,000.00. Following the purchase, the chief executive officer now directly owns 455,000 shares in the company, valued at approximately $4,044,950. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jun Hong Heng sold 188,172 shares of the company’s stock in a transaction that occurred on Thursday, March 17th. The stock was sold at an average price of $14.09, for a total value of $2,651,343.48. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 345,000 shares of company stock valued at $3,315,600 and have sold 391,062 shares valued at $5,393,549. Corporate insiders own 43.25% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Alexandria Capital LLC raised its stake in shares of Luminar Technologies by 12.4% during the 3rd quarter. Alexandria Capital LLC now owns 101,922 shares of the company’s stock worth $1,590,000 after purchasing an additional 11,232 shares in the last quarter. Morgan Stanley raised its stake in Luminar Technologies by 171.9% in the 3rd 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 period. Vantage Investment Partners LLC raised its stake in Luminar Technologies by 15.4% in the 4th 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 period. Rafferty Asset Management LLC raised its stake in Luminar Technologies by 2.6% in the 4th quarter. Rafferty Asset Management LLC now owns 143,806 shares of the company’s stock valued at $2,432,000 after acquiring an additional 3,689 shares during the period. Finally, First Republic Investment Management Inc. raised its stake in Luminar Technologies by 585.5% in the 3rd 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 period. Institutional investors own 58.54% of the company’s stock.

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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