Luminar Technologies, Inc. (LAZR) closed the most recent trading day at $2.89, moving -3.18% from the previous trading session. The stock fell short of the S&P 500, which registered a loss of 0.84% for the day. Elsewhere, the Dow lost 0.7%, while the tech-heavy Nasdaq lost 0.91%.
Coming into today, shares of the company had lost 36.76% in the past month. In that same time, the Auto-Tires-Trucks sector gained 0%, while the S&P 500 gained 1.44%.
Market participants will be closely following the financial results of Luminar Technologies, Inc. in its upcoming release. It is anticipated that the company will report an EPS of -$1.19, marking a 55.93% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $16.72 million, indicating a 1.64% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$4.29 per share and a revenue of $86.64 million, representing changes of +53.57% and +14.91%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Luminar Technologies, Inc. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Luminar Technologies, Inc. is holding a Zacks Rank of #2 (Buy) right now.
The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 38% echelons 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during 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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