Luminar Technologies (NASDAQ:LAZR) Announces Quarterly Earnings Results

Luminar Technologies (NASDAQ:LAZR) announced its quarterly earnings results on Monday. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.06, Briefing.com reports. The firm had revenue of $15.49 million during the quarter, compared to analyst estimates of $17.70 million. Luminar Technologies’s quarterly revenue 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 10.8 %

NASDAQ:LAZR traded up $0.11 on Tuesday, hitting $1.13. The company’s stock had a trading volume of 34,458,292 shares, compared to its average volume of 15,383,319. Luminar Technologies has a one year low of $0.73 and a one year high of $3.69. The stock has a fifty day moving average of $0.85 and a two-hundred day moving average of $1.25. The firm has a market capitalization of $557.95 million, a P/E ratio of -0.89 and a beta of 1.61.

Analyst Ratings Changes

A number of research firms have issued reports on LAZR. Westpark Capital reissued a “buy” rating and issued a $9.00 target price on shares of Luminar Technologies in a research note on Tuesday, August 6th. Citigroup reduced their price target on Luminar Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, August 16th. JPMorgan Chase & Co. reduced their target price on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Rosenblatt Securities restated a “neutral” rating and set a $2.00 price objective on shares of Luminar Technologies in a research note on Wednesday, October 2nd. Finally, Craig Hallum lowered their target price on Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $3.40.

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.