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Shares of Luminar Technologies Inc (NASDAQ:LAZR) are trading higher Monday afternoon, recovering from a sharp sell-off on Friday. Here’s what investors need to know.
What To Know: The drop in Luminar shares on Friday followed a troubling SEC filing where Luminar disclosed it had received a subpoena in connection with an investigation into potential securities law violations. Citing numerous business challenges, the company also suspended its fiscal 2025 guidance.
The filing revealed Luminar is exploring strategic alternatives, including a sale, after missing a debt interest payment on Oct. 15. The company is cutting 25% of its workforce and is in a major dispute with its largest customer, Volvo. Luminar stated there is substantial doubt about its ability to continue as a going concern.
Investors are now focused on third-quarter earnings, set for Nov. 13. While analyst estimates call for a loss of $1.11 per share and revenue of $17.61 million, the company’s preliminary results estimate higher revenue between $18 million and $19 million.
Analyst ratings for Luminar remain negative. JPMorgan downgraded the stock to Underweight on Monday.
Benzinga Edge Rankings: According to Benzinga Edge Rankings for the stock, Luminar has a Growth score of 25.76 but shows very weak Momentum with a score of 2.87.
LAZR Price Action: Luminar Technologies shares were up 11.64% at $1.29 at the time of publication on Monday. The stock is trading near its 52-week low of $1.08, according to Benzinga Pro data.
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By now you're likely curious about how to participate in the market for Luminar Technologies – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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Posted In: LAZR
