Bank of New York Mellon Corp Buys 8,970 Shares of Luminar Technologies, Inc. (NASDAQ:LAZR)

Bank of New York Mellon Corp boosted its stake in Luminar Technologies, Inc. (NASDAQ:LAZR) by 15.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,271 shares of the company’s stock after acquiring an additional 8,970 shares during the quarter. Bank of New York Mellon Corp owned 0.16% of Luminar Technologies worth $368,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Millennium Management LLC bought a new stake in Luminar Technologies in the 4th quarter valued at $608,000. MYDA Advisors LLC bought a new stake in Luminar Technologies in the 4th quarter valued at $480,000. Squarepoint Ops LLC lifted its position in Luminar Technologies by 187.9% in the 4th quarter. Squarepoint Ops LLC now owns 75,542 shares of the company’s stock valued at $406,000 after acquiring an additional 161,477 shares in the last quarter. Rhumbline Advisers lifted its position in Luminar Technologies by 19.2% during the 1st quarter. Rhumbline Advisers now owns 36,024 shares of the company’s stock worth $194,000 after buying an additional 5,810 shares in the last quarter. Finally, Nebula Research & Development LLC bought a new stake in Luminar Technologies during the 4th quarter worth about $192,000. 30.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

LAZR has been the topic of several analyst reports. The Goldman Sachs Group cut their price target on shares of Luminar Technologies from $3.50 to $2.00 and set a “sell” rating on the stock in a research report on Thursday, April 10th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Luminar Technologies in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Luminar Technologies currently has an average rating of “Hold” and an average price target of $53.86.

Luminar Technologies Stock Performance

Shares of LAZR opened at $2.73 on Tuesday. The firm’s 50-day simple moving average is $3.10 and its 200 day simple moving average is $4.39. Luminar Technologies, Inc. has a 52 week low of $2.52 and a 52 week high of $21.90. The firm has a market cap of $127.98 million, a P/E ratio of -0.42 and a beta of 1.96.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($1.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.75) by $0.25. The firm had revenue of $18.89 million for the quarter, compared to analyst estimates of $16.27 million. The business’s revenue was down 10.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.19) EPS. As a group, equities analysts forecast that Luminar Technologies, Inc. will post -14.2 earnings per share for the current year.

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.