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

Analysts at StockNews.com started coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report issued on Monday. The brokerage set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Trading Down 5.1 %

NASDAQ:LUNA opened at $1.86 on Monday. The stock has a market capitalization of $63.17 million, a PE ratio of -23.25 and a beta of 1.62. Luna Innovations has a 1-year low of $1.43 and a 1-year high of $7.92. The firm has a fifty day simple moving average of $1.80 and a 200 day simple moving average of $2.47.

Hedge Funds Weigh In On Luna Innovations

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position 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 acquiring an additional 16,773 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Luna Innovations during the second quarter worth about $107,000. Summit Securities Group LLC bought a new position in Luna Innovations in the 2nd quarter valued at about $45,000. Hodges Capital Management Inc. acquired a new position in shares of Luna Innovations in the 2nd quarter valued at approximately $33,000. Finally, Bradley Foster & Sargent Inc. CT lifted its holdings in shares of Luna Innovations by 61.9% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 145,740 shares of the scientific and technical instruments company’s stock worth $466,000 after acquiring an additional 55,740 shares during the period. 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.