Stock traders are buying a high volume of call options on Luminar Technologies (NASDAQ:LAZR)

Luminar Technologies, Inc. (NASDAQ:LAZR – Get Rating) was the recipient of some unusual options trades on Friday. Equity investors bought 157,945 call options on the company. This is an increase of approximately 214% from the average daily volume of 50,307 call options.

Insider Activity at Luminar Technologies

In other news, CEO Austin Russell acquired 25,000 shares of the company in a transaction on Tuesday August 2. The shares were purchased at an average price of $7.21 per share, for a total transaction of $180,250.00. Following the completion of the purchase, the CEO now directly owns 780,000 shares of the company, valued at approximately $5,623,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Over the past 90 days, insiders have purchased 175,000 shares of the company worth $1,630,500. Insiders hold 43.25% of the shares of the company.

Hedge funds weigh on Luminar Technologies

A number of institutional investors and hedge funds have recently increased or reduced their stake in the company. Clearwater Capital Advisors LLC increased its stake in Luminar Technologies by 2.3% in Q1. Clearwater Capital Advisors LLC now owns 40,859 shares of the company valued at $639,000 after purchasing an additional 900 shares in the last quarter. Destiny Wealth Partners LLC increased its shareholding in Luminar Technologies by 29.0% during the 1st quarter. Destiny Wealth Partners LLC now owns 5,161 shares of the company worth $81,000 after acquiring 1,161 additional shares in the last quarter. Pictet Asset Management SA increased its stake in Luminar Technologies shares by 15.7% during the second quarter. Pictet Asset Management SA now owns 11,867 shares in the company worth $70,000 after acquiring an additional 1,607 shares in the last quarter. Steward Partners Investment Advisory LLC increased its equity stake in Luminar Technologies by 8,000.0% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 2,025 shares of the company worth $32,000 after acquiring 2,000 additional shares in the last quarter. Finally, Prospera Financial Services Inc purchased a new stake in Luminar Technologies stock during Q1 for $32,000. 62.57% of the shares are held by institutional investors.

Luminar Technologies stock performance

LAZR lost $0.50 during Friday trading hours, hitting $6.88. The company’s stock had a trading volume of 292,778 shares, compared to its average trading volume of 7,822,144. Luminar Technologies has a fifty-two week low of $5.61 and a fifty-two week high of $23.90. The company has a current ratio of 11.60, a quick ratio of 11.44 and a debt ratio of 6.89. The company has a market capitalization of $2.41 billion, a PE ratio of -7.95 and a beta of 1.55. The company has a 50-day simple moving average of $8.61 and a 200-day simple moving average of $9.34.

Luminar Technologies (NASDAQ:LAZR – Get Rating) last released its quarterly results on Monday, August 8. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analyst consensus estimates of ($0.25) by ($0.04). The company posted revenue of $9.93 million for the quarter, versus a consensus estimate of $8.85 million. Luminar Technologies had a negative net margin of 832.16% and a negative return on equity of 134.47%. As a group, sell-side analysts expect Luminar Technologies to post -1.13 EPS for the current year.

Changes to analyst ratings

Several analysts have published reports on LAZR shares. Deutsche Bank Aktiengesellschaft lowered its price target on Luminar Technologies from $23.00 to $15.00 in a Monday, July 18 research note. Goldman Sachs Group lowered its price target on Luminar Technologies from $9.00 to $7.00 and set a “neutral” rating on the stock in a research report on Tuesday. Cowen raised his price target on Luminar Technologies from $12.00 to $14.00 in a Tuesday, August 9 research report. Cowen raised his price target on Luminar Technologies to $14.00 in a Monday, August 15 research report. Finally, Craig Hallum lowered his price target on Luminar Technologies to $8.00 in a Monday, August 15 research report. Four investment analysts gave the stock a hold rating and seven gave the company a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.85.

About Luminar Technologies

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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, Asia-Pacific, Europe and the Middle East. It operates in two segments, Autonomy Solutions and Components. The Autonomy Solutions segment designs, manufactures and sells imaging, detection and laser ranging sensors, and related perception and autonomy software solutions, primarily for original equipment manufacturers in the automotive, commercial vehicles, robo-taxis and adjacent sectors.

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