Luminar Technologies (NASDAQ:LAZR) Price Target Lowered to $9.00 at Citigroup

Luminar Technologies (NASDAQ:LAZR) had its price objective decreased by investment analysts at Citigroup from $11.00 to $9.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 432.54% from the company’s previous close.

LAZR has been the topic of several other research reports. Bank of America reissued an “underperform” rating and set a $1.20 target price (down previously from $3.50) on shares of Luminar Technologies in a research report on Wednesday, April 10th. The Goldman Sachs Group cut their price objective on shares of Luminar Technologies from $2.00 to $1.50 and set a “sell” rating for the company in a report on Thursday, February 29th. Rosenblatt Securities lowered their price target on shares of Luminar Technologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, February 28th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $8.00 price objective (down previously from $20.00) on shares of Luminar Technologies in a research note on Tuesday, March 26th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $4.00 price target (down previously from $11.00) on shares of Luminar Technologies in a report on Wednesday, January 17th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $5.24.

Luminar Technologies Price Performance

Shares of LAZR stock traded down $0.27 on Thursday, hitting $1.69. 18,602,096 shares of the company’s stock were exchanged, compared to its average volume of 8,512,950. The stock has a market cap of $712.99 million, a P/E ratio of -1.19 and a beta of 1.54. Luminar Technologies has a 12 month low of $1.21 and a 12 month high of $8.32. The company has a 50 day moving average of $1.74 and a 200 day moving average of $2.49.

Luminar Technologies (NASDAQ:LAZR) last issued its earnings results on Tuesday, February 27th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The company had revenue of $22.11 million for the quarter, compared to analyst estimates of $27.25 million. Sell-side analysts predict that Luminar Technologies will post -1.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Luminar Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James & Associates raised its stake in Luminar Technologies by 39.3% during the 4th quarter. Raymond James & Associates now owns 994,903 shares of the company’s stock valued at $3,353,000 after buying an additional 280,775 shares during the last quarter. Blair William & Co. IL boosted its stake in Luminar Technologies by 56.9% during the third quarter. Blair William & Co. IL now owns 612,249 shares of the company’s stock worth $2,786,000 after buying an additional 221,929 shares during the period. Vanguard Group Inc. lifted its position in shares of Luminar Technologies by 2.3% during the third quarter. Vanguard Group Inc. now owns 24,033,655 shares of the company’s stock worth $109,353,000 after purchasing an additional 543,313 shares during the last quarter. Rafferty Asset Management LLC grew its position in shares of Luminar Technologies by 19.3% during the 3rd quarter. Rafferty Asset Management LLC now owns 172,755 shares of the company’s stock worth $786,000 after buying an additional 27,985 shares in the last quarter. Finally, Swiss National Bank increased its holdings in Luminar Technologies by 10.2% during the third quarter. Swiss National Bank now owns 555,100 shares of the company’s stock valued at $2,526,000 after buying an additional 51,400 shares during the period. 30.99% of the stock is currently owned by institutional investors.

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.