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Luminar Technologies, Inc. (LAZR) Dips More Than Broader Markets: What You Should Know

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In the latest trading session, Luminar Technologies, Inc. (LAZR - Free Report) closed at $8.48, marking a -1.17% move from the previous day. This change lagged the S&P 500's daily loss of 1.1%. Elsewhere, the Dow lost 1.19%, while the tech-heavy Nasdaq lost 3.27%.

Heading into today, shares of the company had gained 29.41% over the past month, outpacing the Auto-Tires-Trucks sector's loss of 8.69% and the S&P 500's loss of 3.02% in that time.

Investors will be hoping for strength from Luminar Technologies, Inc. as it approaches its next earnings release. On that day, Luminar Technologies, Inc. is projected to report earnings of -$0.25 per share, which would represent a year-over-year decline of 56.25%. Meanwhile, our latest consensus estimate is calling for revenue of $13.23 million, up 92.86% from the prior-year quarter.

LAZR's full-year Zacks Consensus Estimates are calling for earnings of -$0.81 per share and revenue of $89.92 million. These results would represent year-over-year changes of -3.85% and +120.95%, respectively.

It is also important to note the recent changes to analyst estimates for Luminar Technologies, Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 13.71% lower within the past month. Luminar Technologies, Inc. currently has a Zacks Rank of #4 (Sell).

The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 193, which puts it in the bottom 24% of all 250+ industries.

The Zacks Industry Rank includes is listed in order 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.

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