Luna Innovations (NASDAQ:LUNA) Share Price Crosses Below 200-Day Moving Average of $4.90

Luna Innovations Incorporated (NASDAQ:LUNA)’s share price passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $4.90 and traded as low as $3.39. Luna Innovations shares last traded at $3.44, with a volume of 305,357 shares changing hands.

Analysts Set New Price Targets

Several analysts have weighed in on LUNA shares. Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price objective on shares of Luna Innovations in a research report on Monday, May 6th. StockNews.com cut Luna Innovations from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.00.

Luna Innovations Price Performance

The stock has a market capitalization of $116.82 million, a PE ratio of -43.00 and a beta of 1.55. The company has a current ratio of 2.86, a quick ratio of 1.62 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $3.00 and a 200 day moving average price of $4.90.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its holdings in shares of Luna Innovations by 54.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 6,220 shares of the scientific and technical instruments company’s stock valued at $41,000 after acquiring an additional 2,192 shares during the last quarter. Keeley Teton Advisors LLC purchased a new position in shares of Luna Innovations during the first quarter worth approximately $64,000. Alpine Global Management LLC purchased a new position in shares of Luna Innovations during the first quarter worth approximately $75,000. Private Portfolio Partners LLC purchased a new position in shares of Luna Innovations during the fourth quarter worth approximately $136,000. Finally, BNP Paribas Financial Markets increased its holdings in Luna Innovations by 672.6% during the first quarter. BNP Paribas Financial Markets now owns 69,549 shares of the scientific and technical instruments company’s stock valued at $223,000 after buying an additional 60,547 shares during the period. Institutional investors 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.