Luminar Technologies, Inc. (NASDAQ:LAZR) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Posted by on Jun 8th, 2023

Shares of Luminar Technologies, Inc. (NASDAQ:LAZR – Get Rating) have earned a consensus rating of “Hold” from the thirteen research firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $12.42.

A number of brokerages have commented on LAZR. Citigroup reduced their price objective on Luminar Technologies from $19.00 to $18.00 in a research note on Tuesday, May 16th. Deutsche Bank Aktiengesellschaft reduced their price objective on Luminar Technologies from $15.00 to $14.00 in a research note on Wednesday, March 1st. TD Cowen reduced their price objective on Luminar Technologies from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 10th. The Goldman Sachs Group reduced their price objective on Luminar Technologies from $5.00 to $4.50 and set a “sell” rating on the stock in a research note on Thursday, April 13th. Finally, JPMorgan Chase & Co. boosted their price target on Luminar Technologies from $15.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, March 6th.

Insider Activity

In other news, CFO Thomas Fennimore sold 16,543 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $7.21, for a total transaction of $119,275.03. Following the completion of the transaction, the chief financial officer now directly owns 711,004 shares of the company’s stock, valued at $5,126,338.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Thomas Fennimore sold 16,543 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $7.21, for a total transaction of $119,275.03. Following the completion of the transaction, the chief financial officer now directly owns 711,004 shares of the company’s stock, valued at $5,126,338.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Austin Russell acquired 1,300,000 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was acquired at an average cost of $5.83 per share, with a total value of $7,579,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,330,000 shares in the company, valued at $13,583,900. The disclosure for this purchase can be found here. Corporate insiders own 29.26% of the company’s stock.

Institutional Investors Weigh In On Luminar Technologies

A number of institutional investors have recently added to or reduced their stakes in LAZR. Private Trust Co. NA acquired a new stake in Luminar Technologies in the fourth quarter worth approximately $25,000. Core Wealth Advisors Inc. lifted its position in shares of Luminar Technologies by 275.2% during the 1st quarter. Core Wealth Advisors Inc. now owns 4,998 shares of the company’s stock valued at $32,000 after acquiring an additional 3,666 shares during the last quarter. MGO One Seven LLC acquired a new stake in shares of Luminar Technologies during the 4th quarter valued at $55,000. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Luminar Technologies during the 4th quarter valued at $60,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Luminar Technologies during the 4th quarter valued at $64,000. 35.26% of the stock is currently owned by institutional investors and hedge funds.

Luminar Technologies Price Performance

LAZR stock opened at $6.71 on Thursday. The stock has a 50-day moving average price of $6.17 and a two-hundred day moving average price of $6.65. Luminar Technologies has a 12-month low of $3.91 and a 12-month high of $11.35. The company has a current ratio of 4.92, a quick ratio of 4.77 and a debt-to-equity ratio of 14.23. The company has a market cap of $2.53 billion, a PE ratio of -4.79 and a beta of 1.56.

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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Analyst Recommendations for Luminar Technologies (NASDAQ:LAZR)

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