State Board of Administration of Florida Retirement System Acquires 12,450 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

State Board of Administration of Florida Retirement System grew its holdings in shares of Luminar Technologies, Inc. (NASDAQ:LAZR – Get Rating) by 51.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,740 shares of the company’s stock after buying an additional 12,450 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Luminar Technologies were worth $182,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. New York State Common Retirement Fund increased its position in Luminar Technologies by 1.2% during the 3rd quarter. New York State Common Retirement Fund now owns 167,436 shares of the company’s stock valued at $1,220,000 after purchasing an additional 2,036 shares during the period. Amalgamated Bank increased its position in shares of Luminar Technologies by 5.8% during the third quarter. Amalgamated Bank now owns 39,894 shares of the company’s stock valued at $291,000 after buying an additional 2,184 shares during the period. First Republic Investment Management Inc. raised its stake in Luminar Technologies by 6.2% in the third quarter. First Republic Investment Management Inc. now owns 44,030 shares of the company’s stock worth $321,000 after buying an additional 2,554 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Luminar Technologies by 3.9% in the third quarter. Commonwealth Equity Services LLC now owns 88,124 shares of the company’s stock worth $641,000 after buying an additional 3,273 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Luminar Technologies by 12.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,520 shares of the company’s stock valued at $244,000 after acquiring an additional 3,759 shares in the last quarter. Institutional investors own 35.26% of the company’s stock.

Luminar Technologies Trading Up 12.4 %

Shares of NASDAQ LAZR opened at $7.05 on Tuesday. The firm’s 50 day moving average price is $6.32 and its 200-day moving average price is $6.74. Luminar Technologies, Inc. has a 52-week low of $3.91 and a 52-week high of $11.35. The company has a debt-to-equity ratio of 14.23, a quick ratio of 4.77 and a current ratio of 4.92. The company has a market cap of $2.66 billion, a PE ratio of -5.04 and a beta of 1.57.

Luminar Technologies (NASDAQ:LAZR – Get Rating) last issued its earnings results on Tuesday, February 28th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.04). Luminar Technologies had a negative net margin of 1,043.14% and a negative return on equity of 8,821.02%. The business had revenue of $11.13 million for the quarter, compared to analysts’ expectations of $12.88 million. On average, equities research analysts expect that Luminar Technologies, Inc. will post -1.26 EPS for the current fiscal year.

Insider Buying and Selling at Luminar Technologies

In related news, CEO Austin Russell purchased 1,300,000 shares of Luminar Technologies stock in a transaction dated Monday, May 15th. The stock was purchased at an average cost of $5.83 per share, for a total transaction of $7,579,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,330,000 shares of the company’s stock, valued at approximately $13,583,900. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 43.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LAZR. Jefferies Financial Group initiated coverage on Luminar Technologies in a research report on Tuesday, April 25th. They issued a “buy” rating and a $12.00 target price for the company. TD Cowen lowered their price objective on Luminar Technologies from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Wednesday, May 10th. The Goldman Sachs Group dropped their target price on shares of Luminar Technologies from $5.00 to $4.50 and set a “sell” rating on the stock in a report on Thursday, April 13th. JPMorgan Chase & Co. increased their price target on shares of Luminar Technologies from $15.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, March 6th. Finally, Citigroup dropped their price objective on shares of Luminar Technologies from $19.00 to $18.00 in a research note on Tuesday, May 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Luminar Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $12.42.

About Luminar Technologies

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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.