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Luminar Technologies, Inc. (LAZR) Stock Sinks As Market Gains: What You Should Know
In the latest market close, Luminar Technologies, Inc. (LAZR - Free Report) reached $6.18, with a -1.28% movement compared to the previous day. This change lagged the S&P 500's 0.53% gain on the day. Meanwhile, the Dow experienced a rise of 0.93%, and the technology-dominated Nasdaq saw an increase of 0.22%.
Shares of the company witnessed a gain of 20.85% over the previous month, beating the performance of the Auto-Tires-Trucks sector with its loss of 1.54% and the S&P 500's gain of 2.69%.
The investment community will be closely monitoring the performance of Luminar Technologies, Inc. in its forthcoming earnings report. The company is predicted to post an EPS of -$2.20, indicating a 26.67% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $16.76 million, indicating a 24.2% decline compared to the corresponding quarter of the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Luminar Technologies, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. 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. This group has a Zacks Industry Rank of 161, putting it in the bottom 36% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.