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

StockNews.com started coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research note issued to investors on Saturday morning. The brokerage issued a sell rating on the scientific and technical instruments company’s stock.

Luna Innovations Stock Performance

Shares of NASDAQ LUNA opened at $1.65 on Friday. Luna Innovations has a fifty-two week low of $1.43 and a fifty-two week high of $7.92. The stock has a market cap of $56.03 million, a PE ratio of -20.63 and a beta of 1.63. The stock has a fifty day moving average of $1.88 and a 200-day moving average of $2.55.

Institutional Investors Weigh In On Luna Innovations

Hedge funds and other institutional investors have recently modified their holdings of the stock. XTX Topco Ltd bought a new position in shares of Luna Innovations in the third quarter valued at approximately $55,000. Needham Investment Management LLC boosted 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 valued at $2,350,000 after purchasing an additional 600,000 shares during the period. Royce & Associates LP grew its position 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 valued at $6,573,000 after purchasing an additional 107,566 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Luna Innovations in the third quarter worth $144,000. Finally, Malaga Cove Capital LLC purchased a new stake in shares of Luna Innovations in the third quarter worth $25,000. 87.46% of the stock is currently owned by 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.