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

StockNews.com began coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report issued on Sunday morning. The firm issued a sell rating on the scientific and technical instruments company’s stock.

Luna Innovations Stock Down 3.2 %

Shares of Luna Innovations stock opened at $1.82 on Friday. The company has a market capitalization of $61.81 million, a PE ratio of -22.75 and a beta of 1.63. Luna Innovations has a 52 week low of $1.43 and a 52 week high of $7.92. The stock’s fifty day moving average is $1.83 and its two-hundred day moving average is $2.51.

Hedge Funds Weigh In On Luna Innovations

A number of hedge funds have recently added to or reduced their stakes in the stock. Needham Investment Management LLC boosted its holdings in shares of Luna Innovations by 150.0% in the third 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. Pinnacle Associates Ltd. increased its stake in shares of 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 valued at $365,000 after buying an additional 124,543 shares during the period. Squarepoint Ops LLC raised its holdings in shares of Luna Innovations by 353.7% in 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 acquiring an additional 121,154 shares in the last quarter. Royce & Associates LP lifted its stake in Luna Innovations by 4.0% in the third quarter. Royce & Associates LP now owns 2,797,038 shares of the scientific and technical instruments company’s stock worth $6,573,000 after acquiring an additional 107,566 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in Luna Innovations during the 3rd quarter valued at about $144,000. 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.