Luminar Technologies Inc [NASDAQ: LAZR] stock went on a downward path that fall over -6.76% on Monday, amounting to a one-week price decrease of less than -14.60%. The company report on February 27, 2024 at 4:13 PM that Luminar Reports Fourth Quarter & Full Year 2023 Business Update and Financials.
All Eyes On Upcoming Launch with Volvo Cars.
Today, Luminar (NASDAQ: LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the fourth quarter and full year of 2023. These results and updates were published in a Shareholder Letter that was issued via an 8-K SEC filing and published on its Investor Relations website at https://investors.luminartech.com.
Over the last 12 months, LAZR stock dropped by -78.81%. The one-year Luminar Technologies Inc stock forecast points to a potential upside of 55.73. The average equity rating for LAZR stock is currently 2.44, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $814.25 million, with 322.74 million shares outstanding and 273.36 million shares in the current float. Compared to the average trading volume of 7.99M shares, LAZR stock reached a trading volume of 10325700 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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 $4.36 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 2.44. 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.
Deutsche Bank have made an estimate for Luminar Technologies Inc shares, keeping their opinion on the stock as Hold, with their previous recommendation back on January 17, 2024. While these analysts kept the previous recommendation, BofA Securities raised their target price to Neutral. The new note on the price target was released on September 26, 2023, representing the official price target for Luminar Technologies Inc stock. Previously, the target price had yet another drop from $12 to $10, while TD Cowen kept a Outperform rating on LAZR stock.
The Average True Range (ATR) for Luminar Technologies Inc is set at 0.20, with the Price to Sales ratio for LAZR stock in the period of the last 12 months amounting to 11.67.
LAZR Stock Performance Analysis:
Luminar Technologies Inc [LAZR] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -14.60. With this latest performance, LAZR shares dropped by -33.45% in over the last four-week period, additionally sinking by -63.79% over the last 6 months – not to mention a drop of -78.81% 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 32.36, with the RSI for the last a single of trading hit 25.06, and the three-weeks RSI is set at 36.63 for Luminar Technologies Inc [LAZR]. The present Moving Average for the last 50 days of trading for this stock 2.64, while it was recorded at 2.09 for the last single week of trading, and 4.47 for the last 200 days.
Insight into Luminar Technologies Inc Fundamentals:
Luminar Technologies Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.00 and a Current Ratio set at 4.18.
LAZR Stock EPS
With the latest financial reports released by the company, Luminar Technologies Inc posted -0.24/share EPS, while the average EPS was predicted by analysts to be reported at -0.21/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -14.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for LAZR.
Luminar Technologies Inc [LAZR] Institutonal Ownership Details
The top three institutional holders of LAZR stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in LAZR stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in LAZR stock with ownership which is approximately 5.8325%.
