Luminar Technologies (NASDAQ:LAZR) Shares Gap Up Following Earnings Beat

Luminar Technologies, Inc. (NASDAQ:LAZR) gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 traded.

The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06. The business had revenue of $15.49 million for the quarter, compared to analyst estimates of $17.70 million. During the same quarter in the previous year, the company posted ($0.33) earnings per share. The business’s revenue for the quarter was down 8.6% on a year-over-year basis.

Analyst Ratings Changes

Several research firms have weighed in on LAZR. Craig Hallum cut their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a research note on Tuesday. Westpark Capital reiterated a “buy” rating and issued a $9.00 target price on shares of Luminar Technologies in a report on Tuesday, August 6th. JPMorgan Chase & Co. decreased their price target on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.00 price objective on shares of Luminar Technologies in a research note on Tuesday, September 10th. 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 investment 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 price target of $3.40.

Hedge Funds Weigh In On Luminar Technologies

A number of institutional investors have recently added to or reduced their stakes in LAZR. Vanguard Group Inc. raised its holdings in shares of Luminar Technologies by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 27,024,843 shares of the company’s stock valued at $53,239,000 after purchasing an additional 1,319,480 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Luminar Technologies by 16.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock valued at $2,691,000 after purchasing an additional 425,335 shares during the period. Boulder Hill Capital Management LP acquired a new stake in shares of Luminar Technologies during the 1st quarter worth about $1,375,000. Blair William & Co. IL boosted its holdings in shares of Luminar Technologies by 51.7% during the 2nd quarter. Blair William & Co. IL now owns 605,735 shares of the company’s stock worth $903,000 after buying an additional 206,512 shares during the period. Finally, SG Americas Securities LLC lifted 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 acquiring an additional 565,324 shares during the last quarter. 30.99% of the stock is currently owned by institutional investors and hedge funds.

Luminar Technologies Stock Performance

The firm has a market capitalization of $518.45 million, a price-to-earnings ratio of -1.18 and a beta of 1.61. The company has a fifty day moving average of $0.86 and a two-hundred day moving average of $1.25.

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.