Luminar Technologies (NASDAQ:LAZR) Reaches New 52-Week Low at $1.21

Luminar Technologies, Inc. (NASDAQ:LAZR)’s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $1.21 and last traded at $1.21, with a volume of 1356606 shares changing hands. The stock had previously closed at $1.25.

Analyst Upgrades and Downgrades

Several analysts have issued reports on LAZR shares. Rosenblatt Securities cut their target price on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th. Bank of America reissued an “underperform” rating and set a $1.20 target price (down from $3.50) on shares of Luminar Technologies in a research note on Wednesday, April 10th. The Goldman Sachs Group cut their target price on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating on the stock in a research note on Thursday, February 29th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $8.00 target price (down from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $4.00 target price (down from $11.00) on shares of Luminar Technologies in a research note on Wednesday, January 17th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $7.09.

Luminar Technologies Price Performance

The company’s 50 day moving average is $1.99 and its two-hundred day moving average is $2.74. The firm has a market cap of $552.68 million, a P/E ratio of -0.89 and a beta of 1.48.

Luminar Technologies (NASDAQ:LAZR) last released its earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The company had revenue of $22.11 million for the quarter, compared to analyst estimates of $27.25 million. Research analysts predict that Luminar Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Luminar Technologies by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 25,705,363 shares of the company’s stock worth $86,627,000 after purchasing an additional 1,671,708 shares in the last quarter. BlackRock Inc. raised its position in Luminar Technologies by 9.0% in the second quarter. BlackRock Inc. now owns 19,405,443 shares of the company’s stock worth $133,509,000 after purchasing an additional 1,602,206 shares in the last quarter. Macquarie Group Ltd. raised its position in 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 purchasing an additional 1,928,021 shares in the last quarter. Morgan Stanley raised its position in Luminar Technologies by 326.9% in the third quarter. Morgan Stanley now owns 6,102,415 shares of the company’s stock worth $27,766,000 after purchasing an additional 4,672,831 shares in the last quarter. Finally, State Street Corp raised its position in Luminar Technologies by 12.0% in the second quarter. State Street Corp now owns 5,994,332 shares of the company’s stock worth $41,241,000 after purchasing an additional 642,796 shares in the last quarter. Institutional investors and hedge funds own 30.99% of the company’s stock.

About Luminar Technologies

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