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

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

Luna Innovations Price Performance

Shares of Luna Innovations stock opened at $2.05 on Thursday. The stock has a market cap of $69.62 million, a price-to-earnings ratio of -25.63 and a beta of 1.62. Luna Innovations has a 1 year low of $1.43 and a 1 year high of $7.92. The firm’s 50-day moving average is $1.71 and its 200 day moving average is $2.30.

Institutional Investors Weigh In On Luna Innovations

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new position in Luna Innovations in the 2nd quarter valued at approximately $107,000. Hodges Capital Management Inc. bought a new position in shares of Luna Innovations during the second quarter valued at $33,000. Bradley Foster & Sargent Inc. CT boosted its position in shares of Luna Innovations by 61.9% during 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 buying an additional 55,740 shares during the last quarter. Point72 DIFC Ltd bought a new stake in Luna Innovations in the 2nd quarter worth about $39,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Luna Innovations in the 2nd quarter worth about $48,000. Institutional investors 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.