On March 22, 2023, Goldman Sachs downgraded their outlook for Luminar Technologies, Inc. (NASDAQ:LAZR) from Neutral to Sell.

Analyst Price Forecast Suggests 67.94% Upside

As of March 22, 2023, the average one-year price target for Luminar Technologies, Inc. is $12.98. The forecasts range from a low of $5.05 to a high of $25.20. The average price target represents an increase of 67.94% from its latest reported closing price of $7.73.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Luminar Technologies, Inc. is $119MM, an increase of 192.96%. The projected annual non-GAAP EPS is -$0.65.

What are Large Shareholders Doing?

G2VP I Associates holds 10,599K shares representing 2.87% ownership of the company. No change in the last quarter.

Macquarie Group holds 7,745K shares representing 2.10% ownership of the company. In it’s prior filing, the firm reported owning 5,817K shares, representing an increase of 24.89%. The firm decreased its portfolio allocation in LAZR by 12.93% over the last quarter.

WSTRX – Ivy Science and Technology Fund Class R holds 7,069K shares representing 1.91% ownership of the company. In it’s prior filing, the firm reported owning 5,402K shares, representing an increase of 23.58%. The firm decreased its portfolio allocation in LAZR by 0.69% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 6,970K shares representing 1.89% ownership of the company. In it’s prior filing, the firm reported owning 6,213K shares, representing an increase of 10.87%. The firm decreased its portfolio allocation in LAZR by 29.60% over the last quarter.

NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 5,818K shares representing 1.58% ownership of the company. In it’s prior filing, the firm reported owning 5,298K shares, representing an increase of 8.95%. The firm decreased its portfolio allocation in LAZR by 30.91% over the last quarter.

What is the Fund Sentiment?

There are 426 funds or institutions reporting positions in Luminar Technologies, Inc.. This is an increase of 12 owner(s) or 2.90% in the last quarter. Average portfolio weight of all funds dedicated to LAZR is 0.10%, a decrease of 21.66%. Total shares owned by institutions increased in the last three months by 4.69% to 148,160K shares. The put/call ratio of LAZR is 1.21, indicating a bearish outlook.

Luminar Technologies Background Information
(This description is provided by the company.)

Luminar is an autonomous vehicle sensor and software company with the vision to make self-driving safe and ubiquitous by delivering the only lidar and perception platform that meets the industry’s stringent performance, safety, and economic requirements. Luminar has rapidly gained 50 industry partners, including 7 of the top 10 global automotive OEMs, and has received minority investments from the world’s largest commercial vehicle manufacturer, Daimler Truck AG and Volvo Cars, a global leader in automotive safety, to bring autonomous trucks and cars to highways, respectively. Founded in 2012, Luminar is a 350-person team with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. In August 2020, Luminar announced that it has entered into a definitive agreement to merge with Gores Metropoulos, Inc., a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC.

This article originally appeared on Fintel

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