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Luminar Technologies, Inc. (LAZR) Stock Falls Amid Market Uptick: What Investors Need to Know

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The most recent trading session ended with Luminar Technologies, Inc. (LAZR - Free Report) standing at $1.30, reflecting a -0.76% shift from the previouse trading day's closing. This move lagged the S&P 500's daily gain of 0.87%. Meanwhile, the Dow experienced a rise of 0.67%, and the technology-dominated Nasdaq saw an increase of 1.11%.

The the stock of company has fallen by 23.39% in the past month, lagging the Auto-Tires-Trucks sector's loss of 9.36% and the S&P 500's loss of 3.97%.

The investment community will be paying close attention to the earnings performance of Luminar Technologies, Inc. in its upcoming release. The company is slated to reveal its earnings on May 7, 2024. The company is expected to report EPS of -$0.22, up 8.33% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $25.6 million, showing a 76.4% escalation compared to the year-ago quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.66 per share and a revenue of $151.57 million, signifying shifts of +24.14% and +117.21%, respectively, from the last year.

Investors should also take note of any recent adjustments to analyst estimates for Luminar Technologies, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.3% higher. Luminar Technologies, Inc. is currently sporting a Zacks Rank of #3 (Hold).

The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 159, positioning it in the bottom 37% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply to follow these and more stock-moving metrics during the upcoming trading sessions.

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