Luminar Technologies (NASDAQ:LAZR) Stock Price Down 10.4% – Should You Sell?

Luminar Technologies, Inc. (NASDAQ:LAZR) was down 10.4% during trading on Friday . The company traded as low as $9.72 and last traded at $9.73. Approximately 448,384 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 1,084,595 shares. The stock had previously closed at $10.86.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group decreased their price objective on shares of Luminar Technologies from $0.75 to $0.50 and set a “sell” rating for the company in a report on Thursday, November 14th. Westpark Capital reiterated a “buy” rating and issued a $9.00 price target on shares of Luminar Technologies in a report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $1.00 price objective on shares of Luminar Technologies in a report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their target price on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $3.34.

Luminar Technologies Stock Performance

The business has a 50 day moving average of $1.06 and a two-hundred day moving average of $1.29. The stock has a market capitalization of $4.46 billion, a PE ratio of -11.25 and a beta of 1.61.

Luminar Technologies (NASDAQ:LAZR) last released its quarterly earnings results 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 the consensus estimate of $17.70 million. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.33) earnings per share. On average, equities analysts expect that Luminar Technologies, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Trading of Luminar Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 1,319,480 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Luminar Technologies by 30.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 149,030 shares of the company’s stock valued at $294,000 after purchasing an additional 34,566 shares during the period. Virtu Financial LLC purchased a new position in shares of Luminar Technologies in the first quarter worth about $163,000. American International Group Inc. raised its stake in shares of Luminar Technologies by 6.0% in the first quarter. American International Group Inc. now owns 143,517 shares of the company’s stock worth $283,000 after purchasing an additional 8,089 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Luminar Technologies during the second quarter worth about $55,000. Hedge funds and other institutional investors own 30.99% of the company’s stock.

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.