Pictet Asset Management SA increased its stake in shares of Luminar Technologies, Inc. (NASDAQ:LAZR – Get Rating) by 15.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 11,867 shares of the company's stock after purchasing an additional 1,607 shares during the period. Pictet Asset Management SA's holdings in Luminar Technologies were worth $70,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Keebeck Alpha LP purchased a new position in Luminar Technologies in the 2nd quarter valued at approximately $181,000. Walleye Capital LLC boosted its position in Luminar Technologies by 335.2% in the 2nd quarter. Walleye Capital LLC now owns 92,071 shares of the company's stock valued at $546,000 after buying an additional 70,915 shares during the period. State Board of Administration of Florida Retirement System purchased a new position in Luminar Technologies in the 2nd quarter valued at approximately $144,000. MQS Management LLC purchased a new position in Luminar Technologies in the 2nd quarter valued at approximately $59,000. Finally, State of New Jersey Common Pension Fund D boosted its position in Luminar Technologies by 29.0% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 234,924 shares of the company's stock valued at $1,393,000 after buying an additional 52,850 shares during the period. Hedge funds and other institutional investors own 62.57% of the company's stock.
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In related news, CEO Austin Russell acquired 25,000 shares of the firm's stock in a transaction that occurred on Thursday, September 15th. The shares were purchased at an average price of $9.39 per share, with a total value of $234,750.00. Following the completion of the acquisition, the chief executive officer now owns 1,005,000 shares in the company, valued at $9,436,950. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have purchased 75,000 shares of company stock valued at $711,000. Corporate insiders own 43.25% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have commented on LAZR. JPMorgan Chase & Co. initiated coverage on shares of Luminar Technologies in a research report on Tuesday, September 20th. They issued an "overweight" rating and a $30.00 price target for the company. The Goldman Sachs Group raised their price objective on shares of Luminar Technologies from $7.00 to $8.00 and gave the company a "neutral" rating in a report on Friday, November 4th. Westpark Capital initiated coverage on shares of Luminar Technologies in a report on Tuesday, November 1st. They issued a "buy" rating and a $14.00 price objective on the stock. Cowen raised their price objective on shares of Luminar Technologies to $14.00 in a report on Monday, August 15th. Finally, Robert W. Baird reduced their price objective on shares of Luminar Technologies from $30.00 to $15.00 in a report on Wednesday, August 10th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Luminar Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $15.57.Luminar Technologies Stock Up 2.5 %
LAZR stock opened at $7.71 on Friday. The company has a market cap of $2.80 billion, a P/E ratio of -7.27 and a beta of 1.55. Luminar Technologies, Inc. has a 52 week low of $5.61 and a 52 week high of $18.20. The company's 50-day moving average price is $7.77 and its 200 day moving average price is $8.06. The company has a current ratio of 9.86, a quick ratio of 9.72 and a debt-to-equity ratio of 14.23.
Luminar Technologies Profile
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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 Components. The Autonomy Solutions segment designs, manufactures, and sells laser imaging, detection, and ranging sensors, as well as related perception and autonomy software solutions primarily for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and adjacent industries.
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