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

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

Luna Innovations Stock Performance

NASDAQ LUNA opened at $2.05 on Friday. The stock has a market cap of $69.62 million, a price-to-earnings ratio of -25.63 and a beta of 1.56. The business has a 50 day simple moving average of $1.75 and a 200 day simple moving average of $2.24. Luna Innovations has a 52-week low of $1.43 and a 52-week high of $7.92.

Institutional Investors Weigh In On Luna Innovations

Several institutional investors have recently added to or reduced their stakes in LUNA. Royce & Associates LP increased its holdings in Luna Innovations by 4.0% during the 3rd quarter. Royce & Associates LP now owns 2,797,038 shares of the scientific and technical instruments company’s stock worth $6,573,000 after purchasing an additional 107,566 shares in the last quarter. Needham Investment Management LLC boosted its position in shares of Luna Innovations by 150.0% during the third 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 buying an additional 600,000 shares during the period. Marathon Capital Management grew its holdings in shares of 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 buying an additional 15,000 shares in the last quarter. Pinnacle Associates Ltd. raised its position in 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 valued at $365,000 after buying an additional 124,543 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its stake in Luna Innovations by 353.7% in the 2nd quarter. Squarepoint Ops LLC now owns 155,409 shares of the scientific and technical instruments company’s stock valued at $497,000 after acquiring an additional 121,154 shares in the last quarter. 87.46% of the stock is owned by institutional investors.

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.