Craig Hallum Cuts Luminar Technologies (NASDAQ:LAZR) Price Target to $1.00

Luminar Technologies (NASDAQ:LAZR) had its price target reduced by Craig Hallum from $1.50 to $1.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a hold rating on the stock.

A number of other equities analysts have also weighed in on LAZR. JPMorgan Chase & Co. cut their price objective on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Monday, August 19th. 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. Citigroup dropped their price target on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Westpark Capital reaffirmed a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Finally, 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. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Luminar Technologies presently has an average rating of “Hold” and an average target price of $3.34.

Luminar Technologies Stock Down 2.9 %

Shares of NASDAQ:LAZR traded down $0.03 during trading on Tuesday, reaching $1.00. The stock had a trading volume of 6,022,312 shares, compared to its average volume of 15,361,214. The business has a fifty day moving average price of $0.86 and a 200-day moving average price of $1.25. The stock has a market cap of $493.76 million, a P/E ratio of -1.14 and a beta of 1.61. Luminar Technologies has a fifty-two week low of $0.73 and a fifty-two week high of $3.69.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings data on Monday, November 11th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06. The firm had revenue of $15.49 million during the quarter, compared to analyst estimates of $17.70 million. The business’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.33) EPS. As a group, equities analysts forecast that Luminar Technologies will post -0.97 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LAZR. PEAK6 Investments LLC purchased a new position in shares of Luminar Technologies in the third quarter valued at $25,000. Optas LLC purchased a new position in shares of Luminar Technologies in the second quarter valued at $26,000. Invst LLC purchased a new position in shares of Luminar Technologies in the second quarter valued at $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Luminar Technologies in the third quarter valued at $31,000. Finally, Tyler Stone Wealth Management boosted its stake in shares of Luminar Technologies by 70.5% in the third quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock valued at $33,000 after purchasing an additional 15,300 shares during the period. 30.99% of the stock is currently 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.