why Luminar Technologies Inc. [LAZR] is a Good Choice for Investors After New Price Target of $20.54

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Luminar Technologies Inc. [NASDAQ: LAZR] traded at a low on 05/09/22, posting a -15.69 loss after which it closed the day’ session at $9.38. The company report on May 5, 2022 that Luminar Provides Business Update and Q1 2022 Financials.

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Accelerating Business Growth and On-Track for All Four Key 2022 Milestones and Financial Guidance.

Luminar (NASDAQ: LAZR), a leading global automotive technology company, today announced its quarterly business update and financial results for the first quarter of 2022, ended March 31, 2022. The company delivered $6.9 million in first-quarter revenue, up 29% year-over-year (YoY) and ahead of internal expectations. Luminar remains on-track to meet or beat its prior $40 million full-year 2022 revenue guidance. Today, Luminar also released its quarterly Path to Series Production video, which can be viewed at: www.luminartech.com/path.

The results of the trading session contributed to over 9699517 shares changing hands. Over the past one week, the price volatility of Luminar Technologies Inc. stands at 10.12% while the volatility over the past one month is 7.45%.

The market cap for LAZR stock reached $3.29 billion, with 350.91 million shares outstanding and 223.71 million shares in the current float. Compared to the average trading volume of 4.36M shares, LAZR reached a trading volume of 9699517 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Luminar Technologies Inc. [LAZR]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for LAZR shares is $20.54 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on LAZR stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Credit Suisse have made an estimate for Luminar Technologies Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 14, 2022. While these analysts kept the previous recommendation, SMBC Nikko raised their target price to Neutral. The new note on the price target was released on March 29, 2022, representing the official price target for Luminar Technologies Inc. stock. Previously, the target price had yet another raise to $14, while Goldman analysts kept a Neutral rating on LAZR stock.

The Average True Range (ATR) for Luminar Technologies Inc. is set at 0.98, with the Price to Sales ratio for LAZR stock in the period of the last 12 months amounting to 103.13. The Price to Book ratio for the last quarter was 6.28, with the Price to Cash per share for the same quarter was set at 2.01.

How has LAZR stock performed recently?

Luminar Technologies Inc. [LAZR] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -25.65. With this latest performance, LAZR shares dropped by -34.94% in over the last four-week period, additionally sinking by -44.06% over the last 6 months – not to mention a drop of -52.79% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for LAZR stock in for the last two-week period is set at 24.10, with the RSI for the last a single of trading hit 16.65, and the three-weeks RSI is set at 30.03 for Luminar Technologies Inc. [LAZR]. The present Moving Average for the last 50 days of trading for this stock 13.71, while it was recorded at 11.25 for the last single week of trading, and 15.71 for the last 200 days.

Luminar Technologies Inc. [LAZR]: Deeper insight into the fundamentals

Luminar Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 15.80 and a Current Ratio set at 16.10.

Insider trade positions for Luminar Technologies Inc. [LAZR]

There are presently around $1,026 million, or 43.50% of LAZR stock, in the hands of institutional investors. The top three institutional holders of LAZR stocks are: VANGUARD GROUP INC with ownership of 18,914,450, which is approximately 4.762% of the company’s market cap and around 0.80% of the total institutional ownership; G2VP I ASSOCIATES, LLC, holding 10,598,865 shares of the stock with an approximate value of $117.86 million in LAZR stocks shares; and MACQUARIE GROUP LTD, currently with $64.42 million in LAZR stock with ownership of nearly 4.444% of the company’s market capitalization.

131 institutional holders increased their position in Luminar Technologies Inc. [NASDAQ:LAZR] by around 10,662,896 shares. Additionally, 86 investors decreased positions by around 9,663,002 shares, while 47 investors held positions by with 71,959,539 shares. The mentioned changes placed institutional holdings at 92,285,437 shares, according to the latest SEC report filing. LAZR stock had 48 new institutional investments in for a total of 3,615,978 shares, while 38 institutional investors sold positions of 1,534,606 shares during the same period.