Needham Investment Management LLC Acquires 600,000 Shares of Luna Innovations Incorporated (NASDAQ:LUNA)

Needham Investment Management LLC lifted its stake in Luna Innovations Incorporated (NASDAQ:LUNA) by 150.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,000,000 shares of the scientific and technical instruments company’s stock after buying an additional 600,000 shares during the period. Needham Investment Management LLC’s holdings in Luna Innovations were worth $2,350,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Malaga Cove Capital LLC acquired a new stake in shares of Luna Innovations during the 3rd quarter worth $25,000. Hodges Capital Management Inc. acquired a new stake in shares of Luna Innovations in the 2nd quarter valued at approximately $33,000. AQR Capital Management LLC acquired a new position in Luna Innovations in the 2nd quarter valued at approximately $37,000. Point72 DIFC Ltd bought a new position in shares of Luna Innovations during the second quarter valued at $39,000. Finally, Summit Securities Group LLC acquired a new position in shares of Luna Innovations during the second quarter worth $45,000. Institutional investors and hedge funds own 87.46% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Luna Innovations in a research report on Monday. They set a “sell” rating for the company.

Luna Innovations Price Performance

Shares of Luna Innovations stock traded down $0.04 during midday trading on Tuesday, reaching $1.92. The company had a trading volume of 43,299 shares, compared to its average volume of 323,127. The stock has a fifty day moving average price of $1.80 and a 200 day moving average price of $2.48. Luna Innovations Incorporated has a fifty-two week low of $1.43 and a fifty-two week high of $7.92.

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.