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

StockNews.com initiated coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report published on Wednesday. The firm issued a sell rating on the scientific and technical instruments company’s stock.

Luna Innovations Trading Down 6.4 %

Shares of Luna Innovations stock opened at $1.54 on Wednesday. The company has a fifty day simple moving average of $1.72 and a 200-day simple moving average of $2.37. The stock has a market cap of $52.30 million, a price-to-earnings ratio of -19.25 and a beta of 1.62. Luna Innovations has a 12-month low of $1.43 and a 12-month high of $7.92.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of LUNA. Royce & Associates LP raised its holdings in shares of Luna Innovations by 4.0% in the third 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 buying an additional 107,566 shares during the last quarter. Needham Investment Management LLC lifted its position in Luna Innovations by 150.0% during the 3rd 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 acquiring an additional 600,000 shares during the period. Marathon Capital Management increased its holdings in shares of Luna Innovations by 9.8% in the second 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 period. Pinnacle Associates Ltd. raised its stake in shares of Luna Innovations by 402.5% during the third quarter. Pinnacle Associates Ltd. now owns 155,482 shares of the scientific and technical instruments company’s stock worth $365,000 after purchasing an additional 124,543 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of Luna Innovations by 353.7% during the second quarter. Squarepoint Ops LLC now owns 155,409 shares of the scientific and technical instruments company’s stock worth $497,000 after purchasing an additional 121,154 shares during the period. 87.46% of the stock is owned by hedge funds and other 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.