Luminar Technologies, Inc. (LAZR) Gains As Market Dips: What You Should Know

In the latest trading session, Luminar Technologies, Inc. (LAZR) closed at $3.82, marking a +0.53% move from the previous day. The stock outperformed the S&P 500, which registered a daily loss of 2.36%. Meanwhile, the Dow lost 2.48%, and the Nasdaq, a tech-heavy index, lost 2.55%.Shares of the company witnessed a loss of 54.49% over the previous month, trailing the performance of the Auto-Tires-Trucks sector with its loss of 2.11% and the S&P 500's loss of 5.6%.Analysts and investors alike will be keeping a close eye on the performance of Luminar Technologies, Inc. in its upcoming earnings disclosure. On that day, Luminar Technologies, Inc. is projected to report earnings of -$1.75 per share, which would represent year-over-year growth of 38.6%. In the meantime, our current consensus estimate forecasts the revenue to be $17.04 million, indicating a 18.76% decline compared to the corresponding quarter of the prior year.Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$5.80 per share and revenue of $88.47 million, indicating changes of +37.23% and +17.34%, respectively, compared to the previous year.Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Luminar Technologies, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 past month, there's been a 14.5% rise in the Zacks Consensus EPS estimate. Currently, Luminar Technologies, Inc. is carrying a Zacks Rank of #2 (Buy).The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 169, putting it in the bottom 32% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual 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.Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Luminar Technologies, Inc. (LAZR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks