StockNews.com started coverage on shares of Luna Innovations (NASDAQ:LUNA - Free Report) in a research note issued to investors on Wednesday morning. The firm issued a sell rating on the scientific and technical instruments company's stock.
Luna Innovations Trading Down 6.4 %
LUNA stock traded down $0.11 during midday trading on Wednesday, reaching $1.54. The company had a trading volume of 149,850 shares, compared to its average volume of 315,426. Luna Innovations has a 1 year low of $1.43 and a 1 year high of $7.92. The company has a market capitalization of $52.30 million, a P/E ratio of -19.25 and a beta of 1.62. The company has a 50 day moving average of $1.72 and a two-hundred day moving average of $2.37.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the business. Royce & Associates LP increased its stake in shares of 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 during the last quarter. Needham Investment Management LLC grew its stake in 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 buying an additional 600,000 shares during the last quarter. Marathon Capital Management grew its stake in Luna Innovations by 9.8% in the 2nd quarter. Marathon Capital Management now owns 167,500 shares of the scientific and technical instruments company's stock valued at $536,000 after buying an additional 15,000 shares during the last quarter. Pinnacle Associates Ltd. grew its stake 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 grew 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 buying an additional 121,154 shares during the last quarter. Institutional investors and hedge funds own 87.46% of the company's stock.
About Luna Innovations
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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.
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