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

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

Luna Innovations Price Performance

Luna Innovations stock opened at $1.88 on Friday. The stock’s fifty day moving average is $1.84 and its two-hundred day moving average is $2.51. The stock has a market cap of $63.84 million, a PE ratio of -23.50 and a beta of 1.63. Luna Innovations has a 1-year low of $1.43 and a 1-year high of $7.92.

Hedge Funds Weigh In On Luna Innovations

Hedge funds have recently made changes to their positions in the company. Royce & Associates LP raised its holdings in shares of Luna Innovations by 4.0% in 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 buying an additional 107,566 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Luna Innovations by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,846,673 shares of the scientific and technical instruments company’s stock worth $5,919,000 after buying an additional 16,773 shares in the last quarter. Needham Investment Management LLC grew its holdings in shares of 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 acquiring an additional 600,000 shares during the period. Marathon Capital Management raised its holdings in Luna Innovations by 9.8% during the second quarter. Marathon Capital Management now owns 167,500 shares of the scientific and technical instruments company’s stock worth $536,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Pinnacle Associates Ltd. boosted its position in shares of Luna Innovations by 402.5% in the 3rd quarter. Pinnacle Associates Ltd. now owns 155,482 shares of the scientific and technical instruments company’s stock worth $365,000 after buying an additional 124,543 shares in the last quarter. Hedge funds and other 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.