Luna Innovations (NASDAQ:LUNA) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

Luna Innovations Incorporated (NASDAQ:LUNA) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.25 and traded as low as $1.96. Luna Innovations shares last traded at $2.01, with a volume of 307,344 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of Luna Innovations in a research report on Friday. They set a “sell” rating on the stock.

Luna Innovations Stock Performance

The stock has a 50 day moving average of $1.75 and a 200-day moving average of $2.24. The company has a market cap of $69.62 million, a PE ratio of -25.63 and a beta of 1.56.

Institutional Investors Weigh In On Luna Innovations

A number of institutional investors have recently added to or reduced their stakes in LUNA. Malaga Cove Capital LLC purchased a new position in shares of Luna Innovations in the third quarter valued at approximately $25,000. AQR Capital Management LLC purchased a new position in Luna Innovations in the 2nd quarter valued at $37,000. Point72 DIFC Ltd acquired a new stake in Luna Innovations during the 2nd quarter worth $39,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Luna Innovations during the second quarter worth $48,000. Finally, SkyView Investment Advisors LLC acquired a new stake in shares of Luna Innovations in the second quarter valued at about $60,000. 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.