Luminar Technologies (NASDAQ:LAZR) Stock Price Down 4% After Analyst Downgrade

Luminar Technologies, Inc. (NASDAQ:LAZR – Get Rating) shares fell 4% on Tuesday after Citigroup lowered their price target on the stock from $20.00 to $19.00. The company traded as low as $8.47 and last traded at $8.51. 4,781,182 shares traded hands during trading, a decline of 65% from the average session volume of 13,764,588 shares. The stock had previously closed at $8.86.

LAZR has been the subject of several other research reports. JPMorgan Chase & Co. raised their target price on Luminar Technologies from $15.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, March 6th. Rosenblatt Securities restated a “neutral” rating and set a $8.00 target price on shares of Luminar Technologies in a research report on Wednesday, March 1st. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Luminar Technologies from $15.00 to $14.00 in a research note on Wednesday, March 1st. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Luminar Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LAZR. Barclays PLC boosted its stake in Luminar Technologies by 315.7% during the 3rd quarter. Barclays PLC now owns 4,924,303 shares of the company’s stock valued at $35,874,000 after purchasing an additional 3,739,734 shares during the last quarter. State Street Corp lifted its holdings in Luminar Technologies by 189.4% during the 2nd quarter. State Street Corp now owns 4,570,495 shares of the company’s stock worth $27,103,000 after purchasing an additional 2,991,427 shares in the last quarter. Norges Bank purchased a new position in Luminar Technologies during the fourth quarter valued at approximately $10,381,000. Macquarie Group Ltd. raised its position in shares of Luminar Technologies by 33.1% in the fourth quarter. Macquarie Group Ltd. now owns 7,745,035 shares of the company’s stock worth $38,338,000 after buying an additional 1,928,021 shares in the last quarter. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Luminar Technologies in the 4th quarter valued at about $8,734,000. 35.26% of the stock is owned by institutional investors.

Luminar Technologies Trading Down 7.8 %

The firm’s 50-day simple moving average is $6.98 and its 200-day simple moving average is $7.33. The firm has a market capitalization of $3.02 billion, a P/E ratio of -6.54 and a beta of 1.63. The company has a quick ratio of 7.04, a current ratio of 7.15 and a debt-to-equity ratio of 14.23.

Luminar Technologies Company Profile

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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.