Luminar Technologies (NASDAQ:LAZR) Issues Earnings Results

Luminar Technologies (NASDAQ:LAZR) issued its quarterly earnings results on Monday. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.06, Briefing.com reports. The firm had revenue of $15.49 million for the quarter, compared to the consensus estimate of $17.70 million. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period last year, the firm earned ($0.33) EPS.

Luminar Technologies Trading Up 4.4 %

NASDAQ:LAZR traded up $0.05 during trading hours on Wednesday, reaching $1.18. 9,551,249 shares of the company traded hands, compared to its average volume of 15,357,267. The business’s 50-day moving average price is $0.85 and its two-hundred day moving average price is $1.25. Luminar Technologies has a 1 year low of $0.73 and a 1 year high of $3.69. The stock has a market capitalization of $582.64 million, a P/E ratio of -1.27 and a beta of 1.61.

Analyst Upgrades and Downgrades

LAZR has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their target price on Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Monday, August 19th. Citigroup dropped their target price on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report on Friday, August 16th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $2.00 price target on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.00 target price on shares of Luminar Technologies in a report on Tuesday, September 10th. Finally, Craig Hallum lowered their price target on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating for the company in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $3.40.

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.