Why Luminar Technologies Shares Are Trading Lower Wednesday
Portfolio Pulse from Dylan Berman
Luminar Technologies, Inc. (NASDAQ:LAZR) shares are trading lower after the company reported worse-than-expected Q2 sales for the 2024 fiscal year. The company missed analyst sales estimates, reporting $16.45 million versus the expected $20.38 million, and posted a loss of 18 cents per share. Luminar also announced a debt reduction and new funding to improve financial stability. Following the earnings report, Rosenblatt analyst Kevin Cassidy maintained a Neutral rating and lowered the price target from $3 to $2. As of Wednesday morning, Luminar shares are down 31% to $0.97.
August 07, 2024 | 5:38 pm
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NEGATIVE IMPACT
Luminar Technologies reported Q2 sales of $16.45 million, missing analyst estimates of $20.38 million, and a loss of 18 cents per share. The company also announced a debt reduction and new funding. Following the report, shares dropped 31% and an analyst lowered the price target to $2.
The significant miss on sales estimates and a 22% revenue decline are major negative factors. Although the company announced debt reduction and new funding, the immediate market reaction is negative, as evidenced by the 31% drop in share price. The lowered price target by an analyst further adds to the negative sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100