JPMorgan Chase & Co. Cuts Luminar Technologies (NASDAQ … – MarketBeat
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Luminar Technologies (NASDAQ:LAZR – Get Rating) had its target price decreased by equities researchers at JPMorgan Chase & Co. from $30.00 to $16.00 in a research note issued to investors on Tuesday, The Fly reports. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 155.59% from the stock’s previous close.
Several other equities research analysts also recently weighed in on the stock. Westpark Capital assumed coverage on shares of Luminar Technologies in a research note on Tuesday, November 1st. They issued a “buy” rating and a $14.00 target price for the company. Citigroup lowered their target price on shares of Luminar Technologies from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, December 7th. Rosenblatt Securities began coverage on shares of Luminar Technologies in a research note on Monday, October 24th. They set a “neutral” rating and a $8.00 price objective for the company. Northland Securities downgraded shares of Luminar Technologies from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $13.00 to $10.00 in a research note on Thursday, September 22nd. Finally, The Goldman Sachs Group lifted their price objective on shares of Luminar Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Friday, November 4th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.29.
Luminar Technologies Price Performance
NASDAQ LAZR opened at $6.26 on Tuesday. The company has a debt-to-equity ratio of 14.23, a quick ratio of 9.72 and a current ratio of 9.86. The firm’s 50 day moving average price is $7.50 and its 200-day moving average price is $7.76. Luminar Technologies has a 52-week low of $5.61 and a 52-week high of $18.16. The company has a market cap of $2.27 billion, a PE ratio of -5.91 and a beta of 1.50.
Luminar Technologies (NASDAQ:LAZR – Get Rating) last announced its earnings results on Wednesday, November 2nd. The company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.04). The firm had revenue of $12.79 million during the quarter, compared to analyst estimates of $9.15 million. Luminar Technologies had a negative net margin of 894.68% and a negative return on equity of 328.76%. Sell-side analysts forecast that Luminar Technologies will post -1.2 EPS for the current fiscal year.
Insider Buying and Selling
In other Luminar Technologies news, Director Jun Hong Heng bought 9,020 shares of Luminar Technologies stock in a transaction that occurred on Tuesday, December 13th. The stock was purchased at an average price of $7.44 per share, with a total value of $67,108.80. Following the completion of the acquisition, the director now directly owns 46,503 shares in the company, valued at approximately $345,982.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 43.25% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the business. Avidian Wealth Solutions LLC increased its holdings in Luminar Technologies by 92.6% in the second quarter. Avidian Wealth Solutions LLC now owns 52,000 shares of the company’s stock valued at $308,000 after buying an additional 25,000 shares in the last quarter. Bridgewater Associates LP increased its holdings in Luminar Technologies by 22.3% in the second quarter. Bridgewater Associates LP now owns 139,014 shares of the company’s stock valued at $824,000 after buying an additional 25,367 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new position in Luminar Technologies in the second quarter valued at $144,000. Northwestern Mutual Wealth Management Co. increased its holdings in Luminar Technologies by 60.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 8,430 shares of the company’s stock valued at $132,000 after buying an additional 3,192 shares in the last quarter. Finally, ProShare Advisors LLC purchased a new position in Luminar Technologies in the second quarter valued at $162,000. Hedge funds and other institutional investors own 62.57% of the company’s stock.
About Luminar Technologies
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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 Components. The Autonomy Solutions segment designs, manufactures, and sells laser imaging, detection, and ranging sensors, as well as related perception and autonomy software solutions primarily for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and adjacent industries.
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