Luminar Technologies, Inc. (LAZR) Laps the Stock Market: Here's Why

In the latest market close, Luminar Technologies, Inc. (LAZR) reached $5.34, with a +1.71% movement compared to the previous day. The stock outpaced the S&P 500's daily gain of 0.53%. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, added 0.25%.The company's shares have seen a decrease of 2.42% over the last month, surpassing the Auto-Tires-Trucks sector's loss of 8.98% and falling behind the S&P 500's gain of 1.24%.The investment community will be paying close attention to the earnings performance of Luminar Technologies, Inc. in its upcoming release. The company is expected to report EPS of -$2.20, up 26.67% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $16.76 million, indicating a 24.2% decline compared to the corresponding quarter of the prior 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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Luminar Technologies, Inc. is currently a Zacks Rank #3 (Hold).The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 168, which puts it in the bottom 34% of all 250+ industries.The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want 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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks