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

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

Luna Innovations Stock Up 11.4 %

Shares of LUNA stock opened at $1.96 on Monday. Luna Innovations has a twelve month low of $1.43 and a twelve month high of $7.92. The business has a fifty day simple moving average of $1.80 and a 200 day simple moving average of $2.48. The company has a market cap of $66.56 million, a P/E ratio of -24.50 and a beta of 1.63.

Hedge Funds Weigh In On Luna Innovations

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Luna Innovations by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,846,673 shares of the scientific and technical instruments company’s stock valued at $5,919,000 after buying an additional 16,773 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Luna Innovations during the 2nd quarter valued at $107,000. Summit Securities Group LLC bought a new stake in Luna Innovations during the 2nd quarter worth $45,000. Hodges Capital Management Inc. acquired a new position in Luna Innovations in the 2nd quarter worth about $33,000. Finally, Bradley Foster & Sargent Inc. CT raised its position in Luna Innovations by 61.9% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 145,740 shares of the scientific and technical instruments company’s stock valued at $466,000 after purchasing an additional 55,740 shares during the last quarter. 87.46% of the stock is currently 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.