Luminar Technologies, Inc. (LAZR) Stock Sinks As Market Gains: Here's Why

Luminar Technologies, Inc. (LAZR) ended the recent trading session at $2.02, demonstrating a -3.35% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 0.4%. Elsewhere, the Dow saw a downswing of 0.04%, while the tech-heavy Nasdaq appreciated by 0.66%. The company's shares have seen a decrease of 0.95% over the last month, not keeping up with the Auto-Tires-Trucks sector's gain of 4.7% and the S&P 500's gain of 1.02%.The investment community will be closely monitoring the performance of Luminar Technologies, Inc. in its forthcoming earnings report. It is anticipated that the company will report an EPS of -$1.08, marking a 55% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $17.59 million, showing a 13.56% escalation compared to the year-ago quarter. For the annual period, the Zacks Consensus Estimates anticipate earnings of -$4.5 per share and a revenue of $69.91 million, signifying shifts of +51.3% and -7.28%, respectively, from the last year. Investors should also take note of any recent adjustments to analyst estimates for Luminar Technologies, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook. Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system. The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Luminar Technologies, Inc. is currently a Zacks Rank #3 (Hold). The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 86, putting it in the top 35% of all 250+ industries. The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions. Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Luminar Technologies, Inc. (LAZR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks