Is Luminar Technologies, Inc. overvalued or undervalued?

As of 13 May 2021, the valuation grade for Luminar Technologies, Inc. moved from does not qualify to risky, indicating a shift towards a more cautious outlook. The company appears to be overvalued, given its negative price-to-book value of -0.61 and an EV to EBITDA ratio of -1.54, both suggesting significant financial distress. Additionally, the return on capital employed (ROCE) stands at a staggering -386.25%, highlighting severe inefficiencies.
In comparison to peers, Luminar's valuation metrics are concerning; for instance, a peer has an EV to EBITDA of -1.7457, which underscores the challenges within the industry. The company's stock has significantly underperformed relative to the S&P 500, with a year-to-date return of -57.06% compared to the S&P's 12.22%, and a staggering -98.73% over the past five years. This performance reinforces the notion that Luminar Technologies is currently overvalued.