Luminar Technologies, Inc. (NASDAQ:LAZR – Get Rating)’s stock price rose 12.6% on Wednesday after Cowen raised their price target on the stock from $12.00 to $14.00. The company traded as high as $9.61 and last traded at $9.59. Approximately 287,675 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 5,897,492 shares. The stock had previously closed at $8.52.
LAZR has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Luminar Technologies from $23.00 to $15.00 in a research note on Monday, July 18th. Credit Suisse Group started coverage on shares of Luminar Technologies in a research report on Thursday, April 14th. They set an “outperform” rating and a $22.00 price objective on the stock. Cowen boosted their price target on shares of Luminar Technologies from $12.00 to $14.00 in a research report on Tuesday. Northland Securities reduced their price target on shares of Luminar Technologies from $23.00 to $13.00 and set an “outperform” rating on the stock in a research report on Thursday, May 19th. Finally, Citigroup dropped their price objective on shares of Luminar Technologies from $31.00 to $24.00 in a research note on Friday, May 6th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Luminar Technologies has an average rating of “Moderate Buy” and an average target price of $18.09.
Insider Activity
In related news, CEO Austin Russell bought 25,000 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was purchased at an average cost of $7.21 per share, with a total value of $180,250.00. Following the completion of the purchase, the chief executive officer now owns 780,000 shares of the company’s stock, valued at $5,623,800. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 43.25% of the company’s stock.
Institutional Trading of Luminar Technologies
A number of hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank lifted its stake in Luminar Technologies by 13.9% in the second quarter. Swiss National Bank now owns 489,900 shares of the company’s stock worth $2,905,000 after acquiring an additional 59,700 shares during the period. Pictet Asset Management SA lifted its stake in Luminar Technologies by 15.7% in the second quarter. Pictet Asset Management SA now owns 11,867 shares of the company’s stock worth $70,000 after acquiring an additional 1,607 shares during the period. Keebeck Alpha LP purchased a new stake in Luminar Technologies in the second quarter worth about $181,000. Walleye Capital LLC lifted its stake in Luminar Technologies by 335.2% in the second quarter. Walleye Capital LLC now owns 92,071 shares of the company’s stock worth $546,000 after acquiring an additional 70,915 shares during the period. Finally, State Board of Administration of Florida Retirement System purchased a new stake in Luminar Technologies in the second quarter worth about $144,000. 58.54% of the stock is owned by hedge funds and other institutional investors.
Luminar Technologies Trading Up 12.6 %
The stock’s 50 day moving average is $7.23 and its two-hundred day moving average is $11.16. The company has a market capitalization of $3.35 billion, a PE ratio of -13.19 and a beta of 1.70. The company has a quick ratio of 15.85, a current ratio of 16.06 and a debt-to-equity ratio of 4.92.
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 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.