Luminar Technologies Inc (LAZR)

Luminar Technologies (LAZR) stock slid by 18.18% over two consecutive days following a downgrade from BofA Securities.

• Downgrade and Price Target Reduction: BofA Securities downgraded Luminar from Neutral to Underperform and slashed its price target from $3.50 to $1.20. This downgrade was driven by concerns over model launch delays and reduced volume expectations for vehicles adopting LIDAR (Light Detection and Ranging) technology, in which Luminar specializes.
• Analyst Commentary - Reasons For The Downgrade: According to BofA, while Luminar is a leader in LIDAR sensors and stands to benefit from the increasing use of autonomous driving technology, the delays and reduced volume expectations have led to a significant drop in their volume forecasts. The analysts now project that Luminar will not break even on EBITDA and cash flow until 2029 or 2030, compared to their previous forecast of 2027 or 2028. BofA also believes that the company will need to raise $1 billion in additional capital through 2025, which could dilute existing shareholders significantly.

Shares of Luminar Technologies (LAZR) dropped by 5.03% from $0.18 to $3.02 in the trading on Monday, Novemeber 13, 2023. The reasons why LAZR down is due to news of an investigation announced by Kaskela Law LLC. The announcement of an investigation by Kaskela Law LLC can trigger uncertainty and investor unease. Such investigations typically focus on whether the company's officers and/or directors may have breached their fiduciary duties or violated securities laws in connection with recent corporate actions. Investors may interpret this as a potential sign of governance or legal issues within the company, leading to a negative impact on the stock price.

Luminar Technologies Stock (LAZR) dropped by 14.95% from $3.68 to $3.13 in the trading on Thursday November 9, 2023. The reasons why LAZR stock down today include:

• Underperforming Q3 results: Luminar posted Q3 results that missed on both lines. The company sees full-year revenue of ~$75M. Consensus is $84.15M. It also has a year-end goal to add at least $1B to its order book. Luminar was hurt by a 10% increase in total operating costs.
• Revenue estimate: The company also provided a FY2023 revenue outlook of $75M, which is below the consensus of $84.15M.

Luminar Technologies (LAZR) stock fell 7.18% to $4.01 after Bank of America started coverage on shares of Luminar in a report released on Tuesday. The brokerage set a "neutral" rating on the stock.

https://www.marketbeat.com/instant-alerts/nasdaq-lazr-a-buy-or-sell-right-now-2023-09-26/

Luminar Technologies, Inc. (LAZR) shares fell down 6.90% on Thursday as investors are notified of a class action securities lawsuit. The lawsuit seeks to recover losses on behalf of Luminar investors who were adversely affected by alleged securities fraud between February 28, 2023 and March 17, 2023.

https://zlk.com/pslra-1/luminar-lawsuit-submission-form?prid=42024&wire=4