Luna Innovations (NASDAQ:LUNA) Share Price Crosses Below 200 Day Moving Average – Time to Sell?

Shares of Luna Innovations Incorporated (NASDAQ:LUNA) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.25 and traded as low as $1.96. Luna Innovations shares last traded at $2.01, with a volume of 307,344 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on Luna Innovations in a research report on Friday. They set a “sell” rating on the stock.

Luna Innovations Price Performance

The stock has a market cap of $69.62 million, a PE ratio of -25.63 and a beta of 1.56. The stock’s fifty day moving average is $1.75 and its 200-day moving average is $2.24.

Institutional Investors Weigh In On Luna Innovations

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Malaga Cove Capital LLC acquired a new position in shares of Luna Innovations in the 3rd quarter worth approximately $25,000. AQR Capital Management LLC acquired a new position in Luna Innovations during the second quarter worth $37,000. Point72 DIFC Ltd purchased a new position in shares of Luna Innovations during the second quarter worth $39,000. Marathon Capital Management grew its stake in shares of Luna Innovations by 9.8% in the second quarter. Marathon Capital Management now owns 167,500 shares of the scientific and technical instruments company’s stock valued at $536,000 after buying an additional 15,000 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Luna Innovations in the 2nd quarter valued at $48,000. Hedge funds and other institutional investors 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.