Luna Innovations (NASDAQ:LUNA) Share Price Passes Below Two Hundred Day Moving Average of $5.93

Shares of Luna Innovations Incorporated (NASDAQ:LUNA) crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $5.93 and traded as low as $2.73. Luna Innovations shares last traded at $2.80, with a volume of 622,335 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Luna Innovations from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.00.

Luna Innovations Stock Up 1.4 %

The firm has a market cap of $95.09 million, a price-to-earnings ratio of -35.00 and a beta of 1.31. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.62 and a current ratio of 2.86. The business’s 50-day moving average is $4.96 and its 200-day moving average is $5.93.

Institutional Investors Weigh In On Luna Innovations

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Luna Innovations by 378.7% during the 2nd quarter. BlackRock Inc. now owns 2,065,784 shares of the scientific and technical instruments company’s stock worth $18,840,000 after purchasing an additional 1,634,279 shares in the last quarter. Wasatch Advisors LP increased its position in shares of Luna Innovations by 60.6% during the 1st quarter. Wasatch Advisors LP now owns 2,023,242 shares of the scientific and technical instruments company’s stock worth $6,484,000 after purchasing an additional 763,165 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Luna Innovations by 11.4% during the 4th quarter. Vanguard Group Inc. now owns 1,829,900 shares of the scientific and technical instruments company’s stock worth $12,169,000 after purchasing an additional 187,366 shares in the last quarter. AMH Equity Ltd increased its position in shares of Luna Innovations by 7.7% during the 4th quarter. AMH Equity Ltd now owns 1,619,778 shares of the scientific and technical instruments company’s stock worth $10,772,000 after purchasing an additional 116,425 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. increased its position in Luna Innovations by 1.8% in the 3rd quarter. Punch & Associates Investment Management Inc. now owns 1,247,360 shares of the scientific and technical instruments company’s stock valued at $7,310,000 after acquiring an additional 22,000 shares in the last quarter. Institutional investors and hedge funds own 87.46% of the company’s stock.

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.