Luna Innovations (NASDAQ:LUNA) Now Covered by Analysts at StockNews.com

Equities researchers at StockNews.com started coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research report issued to clients and investors on Friday. The firm set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Price Performance

NASDAQ LUNA opened at $2.01 on Friday. Luna Innovations has a 12 month low of $1.43 and a 12 month high of $7.92. The company has a market capitalization of $68.26 million, a P/E ratio of -25.13 and a beta of 1.62. The company’s 50 day simple moving average is $1.74 and its 200 day simple moving average is $2.25.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of LUNA. Needham Investment Management LLC lifted its holdings in Luna Innovations by 150.0% in 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 purchasing an additional 600,000 shares during the last quarter. Pinnacle Associates Ltd. boosted its position in shares of Luna Innovations by 402.5% in the third quarter. Pinnacle Associates Ltd. now owns 155,482 shares of the scientific and technical instruments company’s stock valued at $365,000 after acquiring an additional 124,543 shares during the period. Squarepoint Ops LLC grew its position in Luna Innovations by 353.7% in the 2nd quarter. Squarepoint Ops LLC now owns 155,409 shares of the scientific and technical instruments company’s stock worth $497,000 after purchasing an additional 121,154 shares during the last quarter. Royce & Associates LP grew its position in 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 worth $6,573,000 after buying an additional 107,566 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Luna Innovations during the 3rd quarter valued at about $144,000. 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.