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Luminar Technologies, Inc. (LAZR) Stock Sinks As Market Gains: What You Should Know
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Luminar Technologies, Inc. (LAZR - Free Report) closed the latest trading day at $1.66, indicating a -0.6% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 1.08% for the day. On the other hand, the Dow registered a gain of 0.75%, and the technology-centric Nasdaq increased by 2.64%.
Heading into today, shares of the company had gained 19.29% over the past month, outpacing the Auto-Tires-Trucks sector's gain of 3.09% and the S&P 500's loss of 0.44% in that time.
Market participants will be closely following the financial results of Luminar Technologies, Inc. in its upcoming release. The company plans to announce its earnings on August 6, 2024. The company's earnings per share (EPS) are projected to be -$0.20, reflecting a 4.76% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $19.12 million, up 18.02% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.65 per share and revenue of $114.48 million, indicating changes of +25.29% and +64.06%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Luminar Technologies, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Luminar Technologies, Inc. boasts a Zacks Rank of #3 (Hold).
The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 220, which puts it in the bottom 13% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Luminar Technologies, Inc. (LAZR) Stock Sinks As Market Gains: What You Should Know
Luminar Technologies, Inc. (LAZR - Free Report) closed the latest trading day at $1.66, indicating a -0.6% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 1.08% for the day. On the other hand, the Dow registered a gain of 0.75%, and the technology-centric Nasdaq increased by 2.64%.
Heading into today, shares of the company had gained 19.29% over the past month, outpacing the Auto-Tires-Trucks sector's gain of 3.09% and the S&P 500's loss of 0.44% in that time.
Market participants will be closely following the financial results of Luminar Technologies, Inc. in its upcoming release. The company plans to announce its earnings on August 6, 2024. The company's earnings per share (EPS) are projected to be -$0.20, reflecting a 4.76% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $19.12 million, up 18.02% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.65 per share and revenue of $114.48 million, indicating changes of +25.29% and +64.06%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Luminar Technologies, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Luminar Technologies, Inc. boasts a Zacks Rank of #3 (Hold).
The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 220, which puts it in the bottom 13% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.