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

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

Luna Innovations Price Performance

Shares of NASDAQ:LUNA opened at $0.76 on Tuesday. Luna Innovations has a 52-week low of $0.70 and a 52-week high of $7.92. The stock has a 50 day moving average price of $1.48 and a 200-day moving average price of $1.92.

Institutional Trading of Luna Innovations

Several institutional investors have recently added to or reduced their stakes in the business. Royce & Associates LP boosted its stake in Luna Innovations by 4.0% during the 3rd 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 purchasing an additional 107,566 shares during the last quarter. Needham Investment Management LLC boosted its stake in 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 valued at $2,350,000 after purchasing an additional 600,000 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in Luna Innovations by 402.5% during the 3rd quarter. Pinnacle Associates Ltd. now owns 155,482 shares of the scientific and technical instruments company’s stock valued at $365,000 after purchasing an additional 124,543 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Luna Innovations by 353.7% during the 2nd quarter. Squarepoint Ops LLC now owns 155,409 shares of the scientific and technical instruments company’s stock valued at $497,000 after purchasing an additional 121,154 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in shares of Luna Innovations in the 3rd quarter worth $144,000. 87.46% of the stock is currently owned by hedge funds and other institutional investors.

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.