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

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

Luna Innovations Stock Down 2.2 %

NASDAQ:LUNA opened at $1.78 on Friday. The firm has a market capitalization of $60.45 million, a P/E ratio of -22.25 and a beta of 1.63. The company has a fifty day moving average of $1.82 and a 200 day moving average of $2.50. 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 institutional investors have recently modified their holdings of the company. Hodges Capital Management Inc. purchased a new position in Luna Innovations during the 2nd quarter valued at about $33,000. Malaga Cove Capital LLC purchased a new position in shares of Luna Innovations during the third quarter valued at approximately $25,000. AQR Capital Management LLC bought a new position in shares of Luna Innovations during the second quarter valued at approximately $37,000. Point72 DIFC Ltd purchased a new stake in Luna Innovations in the second quarter worth $39,000. Finally, Summit Securities Group LLC purchased a new stake in Luna Innovations in the second quarter worth $45,000. 87.46% of the stock is currently owned by hedge funds and other institutional investors.

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.