Luna Innovations (NASDAQ:LUNA) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report published on Thursday morning. The brokerage issued a sell rating on the scientific and technical instruments company’s stock.

Luna Innovations Stock Performance

NASDAQ:LUNA opened at $2.17 on Thursday. The firm has a market capitalization of $73.69 million, a price-to-earnings ratio of -27.13 and a beta of 1.62. The stock has a fifty day moving average of $1.72 and a 200 day moving average of $2.28. Luna Innovations has a 52-week low of $1.43 and a 52-week high of $7.92.

Institutional Trading of Luna Innovations

A number of hedge funds have recently bought and sold shares of the company. Royce & Associates LP boosted its position in Luna Innovations by 4.0% during the third quarter. Royce & Associates LP now owns 2,797,038 shares of the scientific and technical instruments company’s stock valued at $6,573,000 after buying an additional 107,566 shares during the period. Needham Investment Management LLC grew its position in Luna Innovations by 150.0% during the 3rd quarter. Needham Investment Management LLC now owns 1,000,000 shares of the scientific and technical instruments company’s stock worth $2,350,000 after acquiring an additional 600,000 shares during the last quarter. Marathon Capital Management increased its stake in Luna Innovations by 9.8% in the 2nd quarter. Marathon Capital Management now owns 167,500 shares of the scientific and technical instruments company’s stock worth $536,000 after purchasing an additional 15,000 shares during the period. Pinnacle Associates Ltd. lifted its position in Luna Innovations by 402.5% in the third quarter. Pinnacle Associates Ltd. now owns 155,482 shares of the scientific and technical instruments company’s stock valued at $365,000 after purchasing an additional 124,543 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake in shares of Luna Innovations by 353.7% during the second quarter. Squarepoint Ops LLC now owns 155,409 shares of the scientific and technical instruments company’s stock valued at $497,000 after purchasing an additional 121,154 shares during the period. Institutional investors own 87.46% of the company’s stock.

Luna Innovations Company Profile

Luna Innovations Incorporated provides fiber optic test, measurement, and control products worldwide. The company offers test and measurement equipment for fiber optic components and sub-assemblies; polarization control products, including components, modules, and instruments to measure, manage, and control polarization and group delay in fiber optic networks; tunable lasers; and single frequency lasers.