The Vanguard Group, Inc. recently announced the acquisition of new stake in Luminar Technologies Inc (NASDAQ:LAZR). The institutional investor has increased its shareholding in the Consumer Cyclical company by 2.22% to 23.27 million shares with purchase of 0.51 million shares. This fresh investment now brings its stake to 7.63% valued currently at $58.17 million. In addition, BlackRock Fund Advisors raised its holdings by 0.42 million to 16.52 million shares. And SSgA Funds Management, Inc. has lifted its position by 1.61% or 96272.0 shares – to 6.09 million shares.
With over 8.77 million Luminar Technologies Inc (LAZR) shares trading Tuesday and a closing price of $3.12 on the day, the dollar volume was approximately $27.37 million. The shares have shown a negative half year performance of -53.98% and its price on 01/02/24 lost nearly -7.42%. Currently, there are 270.08M common shares owned by the public and among those 256.47M shares have been available to trade.
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Insiders at the company have transacted a total of 23 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 17 of these insider trades were purchases, accounting for 3,847,194 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 172,332 shares.
The top 3 mutual fund holders in Luminar Technologies Inc are Vanguard Total Stock Market ETF, Delaware Ivy Science and Technolo, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 7.73 million shares of the company’s stock, all valued at over $19.32 million. iShares Russell 2000 ETF bought 3234.0 shares to bring its total holdings to over 6.58 million shares at a value of $16.44 million. iShares Russell 2000 ETF now owns shares totaling to 2.16% of the shares outstanding.
Shares of Luminar Technologies Inc (NASDAQ: LAZR) opened at $3.27, down -$0.1 from a prior closing price of $3.37. However, the script later moved the day high at 3.3120, down -7.42%. The company’s stock has a 5-day price change of -10.09% and -30.20% over the past three months. LAZR shares are trading -7.42% year to date (YTD), with the 12-month market performance down to -37.60% lower. It has a 12-month low price of $2.30 and touched a high of $10.55 over the same period. LAZR has an average intraday trading volume of 6.83 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.93%, 1.35%, and -41.63% respectively.
Institutional ownership of Luminar Technologies Inc (NASDAQ: LAZR) shares accounts for 30.63% of the company’s 270.08M shares outstanding. Mutual fund holders own 22.33%, while other institutional holders and individual stakeholders account for 9.26% and 18.82% respectively.
It has a market capitalization of $1.25B and a beta (3y monthly) value of 1.55. The earnings-per-share (ttm) stands at -$1.50. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.90% over the week and 8.78% over the month.
Analysts forecast that Luminar Technologies Inc (LAZR) will achieve an EPS of -$0.19 for the current quarter, -$0.18 for the next quarter and -$0.61 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.2 while analysts give the company a high EPS estimate of -$0.18. Comparatively, EPS for the current quarter was -$0.26 a year ago. Earnings per share for the fiscal year are expected to decrease by -9.41%, and 25.14% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Luminar Technologies Inc (LAZR) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 3 of the 11 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the LAZR, a number of firms have released research notes about the stock. BofA Securities stated their Neutral rating for the stock in a research note on September 26, 2023, with the firm’s price target at $5.
