StockNews.com Downgrades Luna Innovations (NASDAQ:LUNA) to Sell

StockNews.com downgraded shares of Luna Innovations (NASDAQ:LUNA) from a hold rating to a sell rating in a report published on Friday morning.

Separately, Needham & Company LLC reiterated a buy rating and issued a $8.00 price target on shares of Luna Innovations in a research report on Monday, May 6th.

Luna Innovations Price Performance

LUNA opened at $2.80 on Friday. The firm has a market cap of $95.09 million, a P/E ratio of -34.25 and a beta of 1.55. Luna Innovations has a 1-year low of $1.91 and a 1-year high of $9.10. The company has a 50 day simple moving average of $3.17 and a two-hundred day simple moving average of $4.16.

Hedge Funds Weigh In On Luna Innovations

Several hedge funds have recently modified their holdings of LUNA. Wasatch Advisors LP lifted its holdings in shares of Luna Innovations by 60.6% in the first quarter. Wasatch Advisors LP now owns 2,023,242 shares of the scientific and technical instruments company’s stock worth $6,484,000 after buying an additional 763,165 shares in the last quarter. AMH Equity Ltd lifted its holdings in shares of Luna Innovations by 7.7% in the fourth quarter. AMH Equity Ltd now owns 1,619,778 shares of the scientific and technical instruments company’s stock worth $10,772,000 after buying an additional 116,425 shares in the last quarter. BNP Paribas Financial Markets raised its stake 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 purchasing an additional 60,547 shares in the last quarter. Avenir Corp raised its stake in Luna Innovations by 35.3% during the fourth quarter. Avenir Corp now owns 221,180 shares of the scientific and technical instruments company’s stock valued at $1,471,000 after purchasing an additional 57,700 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Luna Innovations during the second quarter valued at $107,000. Hedge funds and other 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.