Traders Buy Large Volume of Call Options on Luminar Technologies (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR) saw unusually large options trading activity on Tuesday. Investors acquired 16,125 call options on the stock. This is an increase of 50% compared to the average daily volume of 10,780 call options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Leo Wealth LLC bought a new stake in shares of Luminar Technologies during the fourth quarter valued at approximately $43,000. Vanguard Personalized Indexing Management LLC acquired a new position in Luminar Technologies during the 4th quarter worth $55,000. Optas LLC bought a new position in shares of Luminar Technologies in the second quarter worth $26,000. Invst LLC acquired a new position in shares of Luminar Technologies during the second quarter valued at $28,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Luminar Technologies during the fourth quarter valued at about $67,000. 30.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LAZR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their target price on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Monday, August 19th. The Goldman Sachs Group cut their price objective on Luminar Technologies from $1.50 to $1.00 and set a “sell” rating on the stock in a research note on Thursday, July 11th. Rosenblatt Securities decreased their target price on Luminar Technologies from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Westpark Capital reissued a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a research report on Tuesday, August 6th. Finally, Citigroup decreased their price objective on shares of Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report on Friday, August 16th. Two 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.74.

Luminar Technologies Price Performance

Shares of NASDAQ LAZR traded up $0.06 during mid-day trading on Tuesday, hitting $0.99. The company had a trading volume of 16,291,490 shares, compared to its average volume of 10,274,754. The stock has a market cap of $439.83 million, a price-to-earnings ratio of -0.68 and a beta of 1.61. The firm’s 50 day simple moving average is $1.25 and its two-hundred day simple moving average is $1.51. Luminar Technologies has a 12 month low of $0.73 and a 12 month high of $5.20.

Luminar Technologies (NASDAQ:LAZR) last posted its earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. The company had revenue of $16.50 million during the quarter, compared to the consensus estimate of $20.36 million. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.37) earnings per share. Equities analysts forecast that Luminar Technologies will post -1 earnings per share for the current year.

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.