Luminar Technologies (NASDAQ:LAZR) Issues Earnings Results, Beats Expectations By $0.06 EPS

Luminar Technologies (NASDAQ:LAZR) posted 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 business had revenue of $15.49 million during the quarter, compared to analyst estimates of $17.70 million. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period last year, the company earned ($0.33) EPS.

Luminar Technologies Trading Up 10.8 %

Shares of NASDAQ:LAZR traded up $0.11 during trading on Tuesday, hitting $1.13. 34,458,292 shares of the company’s stock were exchanged, compared to its average volume of 15,383,319. The firm has a 50-day moving average price of $0.85 and a two-hundred day moving average price of $1.25. Luminar Technologies has a 1-year low of $0.73 and a 1-year high of $3.69. The firm has a market cap of $557.95 million, a P/E ratio of -0.89 and a beta of 1.61.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on LAZR shares. Rosenblatt Securities reissued a “neutral” rating and issued a $2.00 target price on shares of Luminar Technologies in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered their target price on shares of Luminar Technologies from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Monday, August 19th. Westpark Capital reissued a “buy” rating and set a $9.00 price target on shares of Luminar Technologies in a report on Tuesday, August 6th. Craig Hallum decreased their price objective on shares of Luminar Technologies from $1.50 to $1.00 and set a “hold” rating on the stock in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.00 target price on shares of Luminar Technologies in a report on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.