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

Research analysts at StockNews.com assumed coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report issued on Tuesday. The firm set a “sell” rating on the scientific and technical instruments company’s stock.

Separately, Needham & Company LLC restated a “buy” rating and issued a $8.00 target price on shares of Luna Innovations in a research note on Monday, May 6th.

Luna Innovations Stock Down 1.6 %

NASDAQ LUNA opened at $2.42 on Tuesday. Luna Innovations has a fifty-two week low of $1.91 and a fifty-two week high of $7.92. The business has a 50 day moving average price of $2.94 and a two-hundred day moving average price of $3.76. The stock has a market cap of $82.18 million, a PE ratio of -30.25 and a beta of 1.55.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Wasatch Advisors LP grew its stake in Luna Innovations by 60.6% during the 1st quarter. Wasatch Advisors LP now owns 2,023,242 shares of the scientific and technical instruments company’s stock valued at $6,484,000 after purchasing an additional 763,165 shares in the last quarter. Squarepoint Ops LLC grew its position 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 worth $497,000 after buying an additional 121,154 shares in the last quarter. AMH Equity Ltd increased its stake in shares of Luna Innovations by 7.7% in the fourth quarter. AMH Equity Ltd now owns 1,619,778 shares of the scientific and technical instruments company’s stock worth $10,772,000 after buying an additional 116,425 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Luna Innovations by 672.6% in the first quarter. BNP Paribas Financial Markets now owns 69,549 shares of the scientific and technical instruments company’s stock valued at $223,000 after acquiring an additional 60,547 shares in the last quarter. Finally, Avenir Corp raised its holdings in Luna Innovations by 35.3% in the fourth quarter. Avenir Corp now owns 221,180 shares of the scientific and technical instruments company’s stock valued at $1,471,000 after acquiring an additional 57,700 shares in the last quarter. Institutional investors and hedge funds own 87.46% of the company’s stock.

About Luna Innovations

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.