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

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

Luminar Technologies Trading Down 7.1 %

Shares of LAZR stock traded down $0.08 during mid-day trading on Wednesday, reaching $1.05. The stock had a trading volume of 22,990,889 shares, compared to its average volume of 15,418,456. The firm has a market capitalization of $518.45 million, a PE ratio of -1.20 and a beta of 1.61. The stock’s 50-day moving average price is $0.85 and its two-hundred day moving average price is $1.25. Luminar Technologies has a 52-week low of $0.73 and a 52-week high of $3.69.

Wall Street Analysts Forecast Growth

Several brokerages have commented on LAZR. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.00 price target on shares of Luminar Technologies in a report on Tuesday, September 10th. Westpark Capital restated a “buy” rating and set a $9.00 price objective on shares of Luminar Technologies in a research report on Tuesday, August 6th. Citigroup lowered their price objective on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Craig Hallum decreased their target price on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a research report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on shares of 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 research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Luminar Technologies has a consensus rating of “Hold” and a consensus price target of $3.40.

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.