Luminar Technologies Target of Unusually Large Options Trading (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR) was the target of unusually large options trading on Monday. Traders bought 50,423 put options on the stock. This represents an increase of 117% compared to the typical volume of 23,215 put options.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP purchased a new stake in Luminar Technologies in the first quarter worth $27,000. Jump Financial LLC purchased a new stake in shares of Luminar Technologies in the 2nd quarter worth about $32,000. MetLife Investment Management LLC bought a new position in shares of Luminar Technologies in the 1st quarter worth about $90,000. Rafferty Asset Management LLC purchased a new position in Luminar Technologies during the 1st quarter valued at about $102,000. Finally, Daiwa Securities Group Inc. bought a new stake in Luminar Technologies during the second quarter worth about $54,000. Hedge funds and other institutional investors own 30.99% of the company’s stock.

Luminar Technologies Trading Down 60.8%

Shares of Luminar Technologies stock opened at $0.35 on Tuesday. Luminar Technologies has a 12-month low of $0.30 and a 12-month high of $10.40. The company has a market cap of $27.45 million, a P/E ratio of -0.07 and a beta of 1.47. The company’s fifty day simple moving average is $1.35 and its two-hundred day simple moving average is $2.15.

Luminar Technologies (NASDAQ:LAZR) last posted its earnings results on Thursday, November 13th. The company reported ($0.94) EPS for the quarter, topping the consensus estimate of ($1.08) by $0.14. The company had revenue of $18.75 million during the quarter, compared to analysts’ expectations of $17.56 million. Analysts predict that Luminar Technologies will post -14.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on LAZR. Weiss Ratings reiterated a “sell (e+)” rating on shares of Luminar Technologies in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Luminar Technologies from a “sell” rating to a “hold” rating in a research report on Monday, November 24th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating on shares of Luminar Technologies in a research note on Monday, November 3rd. Three analysts have rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Strong Sell” and an average price target of $2.00.

Luminar Technologies Company Profile

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.