Summit X LLC Reduces Holdings in Luminar Technologies, Inc. (NASDAQ:LAZR)

Summit X LLC decreased its holdings in shares of Luminar Technologies, Inc. (NASDAQ:LAZR) by 91.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,828 shares of the company’s stock after selling 222,199 shares during the period. Summit X LLC owned approximately 0.06% of Luminar Technologies worth $107,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in LAZR. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Luminar Technologies by 30.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 54,452 shares of the company’s stock worth $49,000 after buying an additional 12,685 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Luminar Technologies by 16.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,991,409 shares of the company’s stock worth $2,691,000 after buying an additional 425,335 shares during the period. Caz Investments LP boosted its stake in shares of Luminar Technologies by 100.0% during the third quarter. Caz Investments LP now owns 300,000 shares of the company’s stock worth $270,000 after buying an additional 150,000 shares during the period. PEAK6 Investments LLC acquired a new stake in shares of Luminar Technologies during the third quarter worth about $25,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Luminar Technologies during the third quarter worth about $31,000. Institutional investors and hedge funds own 30.99% of the company’s stock.

Luminar Technologies Stock Up 2.5 %

Shares of NASDAQ:LAZR opened at $4.85 on Thursday. The company has a market cap of $161.57 million, a P/E ratio of -0.36 and a beta of 1.74. Luminar Technologies, Inc. has a 52 week low of $4.47 and a 52 week high of $34.80. The company has a 50-day moving average price of $6.06 and a 200 day moving average price of $9.41.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group decreased their target price on shares of Luminar Technologies from $11.25 to $7.50 and set a “sell” rating for the company in a research note on Thursday, November 14th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $50.06.

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.