Technicals Say Luminar Technologies Inc. (LAZR) Is A Hold

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Luminar Technologies Inc. (NASDAQ:LAZR) finished Thursday with a subtraction of -$1.51 to close at $7.86, a downside of -16.12 percent. An average of 12,097,080 shares of common stock have been traded in the last five days. There was a fall of -$1.59 in the past week, and it reached a new high 4 times over the past 12 months. The last 20 days have seen an average of 6,360,640 shares traded, while the 50-day average volume stands at 6,316,558.

LAZR stock has decreased by -6.21% in the last month. The company shares reached their 1-month lowest point of $7.41 on 09/22/22. With the stock rallying to its 52-week high on 01/05/22, shares of the company touched a low of $5.61 and a high of $23.90 in 52 weeks. It has reached a new high 3 times so far this year and lost -53.52% or -$9.05 in price. In spite of this, the price is down -67.11% from the 52-week high.


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Insider Transactions

157 days have passed since Luminar Technologies Inc. (LAZR) last reported insider trading activity. Heng Jun Hong, who is Director, most recently acquired $130,480 shares at $14.02 per share on Apr 19. In this transaction, the insider spent $1,829,708. Director, Heng Jun Hong, disposed of 59,957 shares at a price of $14.03 on Apr 18. The insider now owns more than $841,299 worth of shares. Prior to that, Director Heng Jun Hong went on to Sale 188,172 shares at $14.09 each on Mar 17. An amount of $2,651,663 was transacted.

Valuation Metrics

Luminar Technologies Inc. (LAZR) stock’s beta is 1.52. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 80.24, the price-to-book (PB) ratio at 31.44.

Financial Health

The quick ratio of Luminar Technologies Inc. for the three months ended June 29 was 11.40, and the current ratio was 11.60, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 6.89 and a total debt to equity ratio of 0.00 for the quarter ending June 29. Its gross profit as reported stood at -$14.15 million compared to revenue of $31.94 million.

For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Luminar Technologies Inc.’s return on assets was -40.20%.

Earnings Surprise

For the three-month period that ended June 29, Luminar Technologies Inc. had $528.55 million in cash. In the quarter under review, the net income was up than the previous quarter. The company posted a net income of -$95.24 million in the quarter, while revenues of -$88.33 million were grew 61.33%. The analyst consensus anticipated Luminar Technologies Inc.’s latest quarter earnings to come in at -$0.16 per share, but it turned out to be -$0.18, a -12.50% surprise. For the quarter, EBITDA amounted to -$101.42 million. Shareholders own equity worth $357.88 million.

Technical Picture

From a technical analysis perspective, let’s take a brief look at Luminar Technologies Inc. (LAZR) price momentum. RSI 9-day as of the close on 22 September was 35.89%, suggesting the stock is Neutral, with historical volatility in this time frame at 123.40%.

As of today, LAZR’s price is $8.96 -16.83% or -$1.59 from its 5-day moving average. LAZR is currently trading -11.78% lower than its 20-day SMA and -36.46% lower than its 100-day SMA. However, the stock’s current price level is +31.00% above the SMA50 and -46.35% below the SMA200.

The stochastic %K and %D were 55.27% and 64.48%, respectively, and the average true range (ATR) was 0.77. With the 14-day stochastic at 17.21% and the average true range at 0.72, the RSI (14) stands at 41.40%. The stock has reached -0.12 on the 9-day MACD Oscillator while the 14-day reading was at 0.02.

Analyst Ratings

Northland Capital downgraded Luminar Technologies Inc. (NASDAQ: LAZR) to a a Market perform rating in its most recent analyst report. Previously, the stock was rated as an Outperform. The consensus rating for Luminar Technologies Inc. (LAZR) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell LAZR, while 5 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 1 analysts, while 6 others rate it as a “buy”.

What is LAZR’s price target for the next 12 months?

Analysts predict a range of price targets between $8.00 and $30.00, with a median target of $14.00. Taking a look at these predictions, the average price target given by analysts for Luminar Technologies Inc. (LAZR) stock is $14.92.

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