Luminar Technologies (NASDAQ:LAZR) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Luminar Technologies (NASDAQ:LAZR) issued its earnings results on Monday. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.06, Briefing.com reports. The business had revenue of $15.49 million for the quarter, compared to analyst estimates of $17.70 million. During the same period last year, the business posted ($0.33) EPS. Luminar Technologies’s revenue was down 8.6% on a year-over-year basis.

Luminar Technologies Trading Up 10.8 %

Shares of LAZR stock opened at $1.13 on Wednesday. The business’s 50 day moving average is $0.85 and its two-hundred day moving average is $1.25. Luminar Technologies has a twelve month low of $0.73 and a twelve month high of $3.69. The company has a market capitalization of $557.95 million, a P/E ratio of -1.27 and a beta of 1.61.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on LAZR. Westpark Capital reissued a “buy” rating and set a $9.00 target price on shares of Luminar Technologies in a research report on Tuesday, August 6th. Citigroup cut their target price on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $2.00 price target on shares of Luminar Technologies in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.00 price target on shares of Luminar Technologies in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. cut their price target on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Monday, August 19th. Two equities 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $3.40.

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.