The Goldman Sachs Group Has Lowered Expectations for Luminar Technologies (NASDAQ:LAZR) Stock Price

Luminar Technologies (NASDAQ:LAZR) had its price target cut by The Goldman Sachs Group from $0.75 to $0.50 in a research note released on Thursday morning,Benzinga reports. They currently have a sell rating on the stock.

LAZR has been the subject of a number of other reports. Rosenblatt Securities restated a “neutral” rating and issued a $2.00 target price on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Westpark Capital reiterated a “buy” rating and set a $9.00 price objective on shares of Luminar Technologies in a research note on Tuesday, August 6th. Citigroup lowered their target price on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Craig Hallum lowered their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating for the company in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.00 target price on shares of Luminar Technologies in a research note on Tuesday, September 10th. 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 MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.34.

Luminar Technologies Stock Down 3.7 %

Luminar Technologies stock traded down $0.04 during midday trading on Thursday, hitting $0.99. The company’s stock had a trading volume of 13,376,335 shares, compared to its average volume of 15,391,008. The stock’s 50-day moving average price is $0.86 and its 200-day moving average price is $1.25. Luminar Technologies has a 12 month low of $0.73 and a 12 month high of $3.69. The company has a market capitalization of $489.76 million, a PE ratio of -1.14 and a beta of 1.61.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LAZR. PEAK6 Investments LLC bought a new position in Luminar Technologies in the third quarter worth approximately $25,000. Optas LLC purchased a new stake in shares of Luminar Technologies during the 2nd quarter worth about $26,000. Invst LLC purchased a new position in Luminar Technologies in the 2nd quarter valued at about $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Luminar Technologies in the 3rd quarter valued at about $31,000. Finally, Tyler Stone Wealth Management raised its holdings in Luminar Technologies by 70.5% in the 3rd quarter. Tyler Stone Wealth Management now owns 37,000 shares of the company’s stock valued at $33,000 after acquiring an additional 15,300 shares during the last quarter. 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.