The latest trading session saw Luminar Technologies, Inc. (LAZR) ending at $3.94, denoting a +0.77% adjustment from its last day's close. The stock's change was more than the S&P 500's daily gain of 0.63%. On the other hand, the Dow registered a gain of 0.21%, and the technology-centric Nasdaq increased by 1.52%.
Prior to today's trading, shares of the company had lost 23.33% over the past month. This has lagged the Auto-Tires-Trucks sector's gain of 5.27% and the S&P 500's loss of 0.7% in that time.
Market participants will be closely following the financial results of Luminar Technologies, Inc. in its upcoming release. On that day, Luminar Technologies, Inc. is projected to report earnings of -$1.75 per share, which would represent year-over-year growth of 38.6%. In the meantime, our current consensus estimate forecasts the revenue to be $17.04 million, indicating a 18.76% decline compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of -$5.80 per share and a revenue of $88.47 million, demonstrating changes of +37.23% and +17.34%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Luminar Technologies, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Luminar Technologies, Inc. is currently a Zacks Rank #2 (Buy).
The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 173, placing it within the bottom 30% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.
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Luminar Technologies, Inc. (LAZR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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