Luminar Technologies (NASDAQ:LAZR) Shares Gap Up – Should You Buy?

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) gapped up prior to trading on Tuesday . The stock had previously closed at $1.02, but opened at $1.05. Luminar Technologies shares last traded at $1.11, with a volume of 7,815,418 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on LAZR shares. Westpark Capital restated a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a research note on Tuesday, August 6th. Citigroup decreased their target price on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $2.00 target price on shares of Luminar Technologies in a report on Wednesday, October 2nd. Craig Hallum decreased their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $3.40.

Luminar Technologies Stock Performance

The stock has a market cap of $535.73 million, a PE ratio of -0.89 and a beta of 1.61. The company’s 50-day moving average price is $0.85 and its 200 day moving average price is $1.25.

Institutional Investors Weigh In On Luminar Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Luminar Technologies by 5.1% during the first quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock worth $53,239,000 after purchasing an additional 1,319,480 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Luminar Technologies by 16.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock worth $2,691,000 after purchasing an additional 425,335 shares in the last quarter. Boulder Hill Capital Management LP purchased a new position in Luminar Technologies during the first quarter worth about $1,375,000. Blair William & Co. IL raised its holdings in Luminar Technologies by 51.7% during the second quarter. Blair William & Co. IL now owns 605,735 shares of the company’s stock worth $903,000 after purchasing an additional 206,512 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Luminar Technologies by 5,037.2% during the third quarter. SG Americas Securities LLC now owns 576,547 shares of the company’s stock worth $519,000 after buying an additional 565,324 shares during the period. 30.99% of the stock is owned by hedge funds and other institutional investors.

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.