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

StockNews.com assumed coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research note published on Friday morning. The firm issued a sell rating on the scientific and technical instruments company’s stock.

Luna Innovations Stock Performance

Luna Innovations stock opened at $2.05 on Friday. The stock has a market cap of $69.62 million, a PE ratio of -25.63 and a beta of 1.56. The stock has a 50-day moving average of $1.75 and a two-hundred day moving average of $2.24. Luna Innovations has a one year low of $1.43 and a one year high of $7.92.

Institutional Investors Weigh In On Luna Innovations

Institutional investors and hedge funds have recently made changes to their positions in the stock. Needham Investment Management LLC grew its stake 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 valued at $2,350,000 after purchasing an additional 600,000 shares during the last quarter. Pinnacle Associates Ltd. boosted 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 buying an additional 124,543 shares during the last quarter. Squarepoint Ops LLC increased its holdings in Luna Innovations by 353.7% in the 2nd 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 during the period. Royce & Associates LP raised its position in Luna Innovations by 4.0% during the 3rd quarter. Royce & Associates LP now owns 2,797,038 shares of the scientific and technical instruments company’s stock worth $6,573,000 after buying an additional 107,566 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in Luna Innovations during the 3rd quarter valued at approximately $144,000. 87.46% of the stock is currently owned by institutional investors and hedge funds.

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.