Luminar Technologies (LAZR) Stock: Why It Fell Over 19% Today

By Amit Chowdhry ● Sep 22, 2022
  • The stock price of Luminar Technologies (LAZR) fell by over 19% intraday today. This is why.

The stock price of Luminar Technologies (LAZR) fell by over 19% intraday today. 

Why: Bearish research report

Price target: $10

Rating: Downgraded from “Outperform” to “Market Perform”

Analyst: Northland Capital Markets analyst Gus Richard

Richard adjusted the rating while noting that the company believes the adoption of its lidar is taking longer than expected despite Luminar saying that it will be production ready by year-end.

“We also modeled (Luminar) to have roughly 31% auto lidar market share by 2025. Other Lidar companies have won nominations at GM, VW, BMW, and Mercedes. We believe that LAZR is still well positioned at a few OEMs mainly Chinese,” said Richard in a research report. “At the same time, our (2023) revenue estimate has decreased from $128 million to $78 million a street low. We cut our production volume estimate from 30K to 20K units as we believe Luminar’s volume ramps will likely be smaller than originally forecast.”