StockNews.com Initiates Coverage on Luna Innovations (NASDAQ:LUNA)

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

Luna Innovations Stock Up 8.3 %

LUNA opened at $0.85 on Tuesday. The company has a fifty day moving average of $1.44 and a two-hundred day moving average of $1.89. Luna Innovations has a fifty-two week low of $0.70 and a fifty-two week high of $7.92.

Institutional Trading of Luna Innovations

Institutional investors have recently bought and sold shares of the business. Royce & Associates LP raised its stake in shares of 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 period. Needham Investment Management LLC increased its holdings in Luna Innovations by 150.0% in the 3rd quarter. Needham Investment Management LLC now owns 1,000,000 shares of the scientific and technical instruments company’s stock worth $2,350,000 after acquiring an additional 600,000 shares in the last quarter. Pinnacle Associates Ltd. raised its position in Luna Innovations by 402.5% during the third quarter. Pinnacle Associates Ltd. now owns 155,482 shares of the scientific and technical instruments company’s stock worth $365,000 after acquiring an additional 124,543 shares during the period. Squarepoint Ops LLC lifted its holdings in 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 valued at $497,000 after purchasing an additional 121,154 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Luna Innovations in the third quarter valued at about $144,000. 87.46% of the stock is owned by institutional investors and hedge funds.

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.