Luminar Technologies, Inc. (NASDAQ:LAZR) Short Interest Up 15.7% in November

Luminar Technologies, Inc. (NASDAQ:LAZR) saw a significant growth in short interest in November. As of November 30th, there was short interest totalling 7,740,000 shares, a growth of 15.7% from the November 15th total of 6,690,000 shares. Based on an average daily trading volume, of 2,520,000 shares, the short-interest ratio is currently 3.1 days. Currently, 30.2% of the shares of the stock are short sold.

Institutional Investors Weigh In On Luminar Technologies

Several large investors have recently made changes to their positions in the business. Optas LLC purchased a new stake in Luminar Technologies during the 2nd quarter worth $26,000. Invst LLC purchased a new stake in shares of Luminar Technologies in the second quarter worth about $28,000. PEAK6 Investments LLC acquired a new stake in shares of Luminar Technologies in the third quarter valued at about $25,000. Algert Global LLC purchased a new stake in shares of Luminar Technologies during the 2nd quarter valued at about $42,000. Finally, Sei Investments Co. lifted its position in Luminar Technologies by 163.0% during the 2nd quarter. Sei Investments Co. now owns 32,887 shares of the company’s stock worth $49,000 after acquiring an additional 20,383 shares in the last quarter. Institutional investors and hedge funds own 30.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on LAZR shares. The Goldman Sachs Group reduced their price target on Luminar Technologies from $11.25 to $7.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. JPMorgan Chase & Co. decreased their price objective on Luminar Technologies from $120.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Rosenblatt Securities reiterated a “neutral” rating and set a $30.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price objective on shares of Luminar Technologies in a report on Tuesday, September 10th. Finally, Craig Hallum dropped their price target on shares of Luminar Technologies from $22.50 to $15.00 and set a “hold” rating on the stock in a research report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $50.06.

Luminar Technologies Stock Down 5.5 %

Shares of LAZR opened at $6.07 on Tuesday. The firm has a market cap of $202.21 million, a PE ratio of -0.46 and a beta of 1.53. The company’s fifty day moving average is $11.32 and its two-hundred day moving average is $16.13. Luminar Technologies has a fifty-two week low of $6.03 and a fifty-two week high of $55.35.

Luminar Technologies (NASDAQ:LAZR) last posted its quarterly earnings results on Monday, November 11th. The company reported ($2.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.30) by $0.90. The firm 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 posted ($4.95) EPS. Luminar Technologies’s revenue was down 8.6% on a year-over-year basis. As a group, equities research analysts anticipate that Luminar Technologies will post -14.2 earnings per share for the current year.

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.