Luna Innovations (NASDAQ:LUNA) Stock Passes Below 200 Day Moving Average – Time to Sell?

Luna Innovations Incorporated (NASDAQ:LUNA) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.16 and traded as low as $0.82. Luna Innovations shares last traded at $1.09, with a volume of 324,512 shares.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Luna Innovations in a report on Saturday. They set a “sell” rating for the company.

Luna Innovations Trading Up 23.9 %

The firm’s fifty day moving average price is $1.68 and its 200 day moving average price is $2.16. The stock has a market capitalization of $37.02 million, a price-to-earnings ratio of -13.63 and a beta of 1.56.

Hedge Funds Weigh In On Luna Innovations

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LUNA. XTX Topco Ltd acquired a new stake in Luna Innovations in the third quarter valued at approximately $55,000. Needham Investment Management LLC increased its position 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 valued at $2,350,000 after purchasing an additional 600,000 shares during the last quarter. Royce & Associates LP raised its holdings in shares of Luna Innovations by 4.0% in 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 in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Luna Innovations during the 3rd quarter worth $144,000. Finally, Malaga Cove Capital LLC acquired a new position in shares of Luna Innovations during the third quarter worth $25,000. 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.