Luminar Technologies, Inc. (NASDAQ:LAZR) Short Interest Up 11.4% in August

Luminar Technologies, Inc. (NASDAQ:LAZR) was the recipient of a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 90,760,000 shares, an increase of 11.4% from the July 31st total of 81,480,000 shares. Based on an average daily trading volume, of 10,090,000 shares, the days-to-cover ratio is currently 9.0 days.

Luminar Technologies Price Performance

Luminar Technologies stock opened at $1.02 on Friday. The stock’s 50 day moving average is $1.38 and its 200 day moving average is $1.63. Luminar Technologies has a one year low of $0.79 and a one year high of $6.09. The firm has a market cap of $454.54 million, a P/E ratio of -0.74 and a beta of 1.62.

Luminar Technologies (NASDAQ:LAZR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The firm had revenue of $16.50 million during the quarter, compared to analyst estimates of $20.36 million. During the same quarter last year, the firm posted ($0.37) EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities analysts anticipate that Luminar Technologies will post -1 earnings per share for the current fiscal year.

Institutional Trading of Luminar Technologies

A number of institutional investors have recently bought and sold shares of the company. 180 Wealth Advisors LLC grew its position in shares of Luminar Technologies by 27.0% during the 2nd quarter. 180 Wealth Advisors LLC now owns 26,294 shares of the company’s stock worth $39,000 after buying an additional 5,592 shares during the period. ProShare Advisors LLC grew its holdings in Luminar Technologies by 16.0% in the first quarter. ProShare Advisors LLC now owns 52,321 shares of the company’s stock worth $103,000 after purchasing an additional 7,222 shares during the period. Principal Financial Group Inc. increased its stake in Luminar Technologies by 23.7% in the first quarter. Principal Financial Group Inc. now owns 39,157 shares of the company’s stock valued at $77,000 after purchasing an additional 7,510 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Luminar Technologies by 27.9% during the fourth quarter. Victory Capital Management Inc. now owns 34,637 shares of the company’s stock valued at $117,000 after purchasing an additional 7,564 shares during the period. Finally, American International Group Inc. boosted its position in shares of Luminar Technologies by 6.0% during the 1st quarter. American International Group Inc. now owns 143,517 shares of the company’s stock worth $283,000 after purchasing an additional 8,089 shares in the last quarter. Institutional investors own 30.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on LAZR. Westpark Capital reiterated a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a research note on Tuesday, August 6th. Rosenblatt Securities dropped their target price on Luminar Technologies from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. The Goldman Sachs Group reduced their price target on Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the stock in a report on Thursday, July 11th. Citigroup dropped their price objective on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Luminar Technologies presently has an average rating of “Hold” and an average price target of $4.17.

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.