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

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

Luna Innovations Stock Up 23.9 %

Shares of LUNA stock opened at $1.09 on Friday. The company has a market capitalization of $37.02 million, a P/E ratio of -13.63 and a beta of 1.56. Luna Innovations has a 12-month low of $0.70 and a 12-month high of $7.92. The firm has a 50-day moving average price of $1.68 and a 200 day moving average price of $2.16.

Institutional Investors Weigh In On Luna Innovations

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Malaga Cove Capital LLC acquired a new position in Luna Innovations during the 3rd quarter worth $25,000. AQR Capital Management LLC bought a new stake in Luna Innovations during the 2nd quarter worth about $37,000. Point72 DIFC Ltd acquired a new position in Luna Innovations during the 2nd quarter valued at about $39,000. Marathon Capital Management boosted its stake in shares of Luna Innovations by 9.8% in the 2nd quarter. Marathon Capital Management now owns 167,500 shares of the scientific and technical instruments company’s stock valued at $536,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Luna Innovations during the 2nd quarter worth approximately $48,000. Institutional investors and hedge funds 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.