Shares of Luminar Technologies dipped to a new 52-week low on Thursday, hitting $1.21, but the company has seen a resurgence throughout the trading day. As of the latest update, the stock is trading at $1.34, showcasing signs of recovery.
Despite the recent lows, various equities research analysts have weighed in on Luminar Technologies. Bank of America reaffirmed an “underperform” rating, setting a target price of $1.20. JPMorgan Chase & Co. maintained an “overweight” rating with a $8.00 price target, while Rosenblatt Securities lowered their price target to $3.00 and assigned a “neutral” rating. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating, setting a price objective of $4.00. The Goldman Sachs Group also adjusted their price target, reducing it to $1.50 and assigning a “sell” rating. Overall, the consensus rating stands at “Hold” with an average target price of $7.09.
Luminar Technologies has a fifty-day simple moving average of $2.06 and a 200-day simple moving average of $2.77. In its last quarterly earnings report on February 27th, the company reported an earnings per share of ($0.32), slightly below the consensus estimate of ($0.30). Despite revenue of $22.11 million, which fell short of analysts’ expectations of $27.25 million, the firm is anticipated to post a negative earnings per share of -1.01 for the current fiscal year.
Several large institutional investors have recently adjusted their holdings in Luminar Technologies. Morgan Stanley increased its stake by 326.9% during the third quarter, now owning over 6 million shares. Renaissance Technologies LLC acquired a new position in the first quarter, while State Street Corp boosted its stake by 189.4% in the second quarter. Exchange Traded Concepts LLC and Norges Bank also acquired new positions in the fourth quarter. Overall, institutional investors and hedge funds now own approximately 30.99% of the company’s stock.
Despite hitting a 52-week low, Luminar Technologies is showing signs of resilience and potential for recovery as it navigates through market challenges. As Luminar Technologies navigates through market fluctuations, investor sentiment remains mixed, reflecting uncertainties in the company’s performance and future prospects.
