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

StockNews.com initiated coverage on shares of Luna Innovations (NASDAQ:LUNA) in a note issued to investors on Sunday. The brokerage set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Stock Up 1.1 %

Shares of NASDAQ LUNA opened at $1.88 on Friday. The firm has a market cap of $63.84 million, a PE ratio of -23.50 and a beta of 1.63. The business has a 50 day moving average price of $1.84 and a two-hundred day moving average price of $2.51. Luna Innovations has a fifty-two week low of $1.43 and a fifty-two week high of $7.92.

Institutional Trading of Luna Innovations

Several institutional investors and hedge funds have recently bought and sold shares of LUNA. XTX Topco Ltd acquired a new stake in Luna Innovations during the third quarter worth about $55,000. Needham Investment Management LLC raised its position in shares of Luna Innovations by 150.0% during the 3rd quarter. Needham Investment Management LLC now owns 1,000,000 shares of the scientific and technical instruments company’s stock worth $2,350,000 after buying an additional 600,000 shares in the last quarter. Royce & Associates LP increased its stake in shares of Luna Innovations by 4.0% during the third 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 acquiring an additional 107,566 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Luna Innovations in the 3rd quarter worth $144,000. Finally, Malaga Cove Capital LLC bought a new position in shares of Luna Innovations during the 3rd quarter valued at about $25,000. Institutional investors and hedge funds own 87.46% of the company’s stock.

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.