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

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

Luna Innovations Stock Performance

LUNA opened at $1.09 on Friday. Luna Innovations has a 1-year low of $0.70 and a 1-year high of $7.92. The company has a 50-day moving average of $1.68 and a 200-day moving average of $2.14. The company has a market capitalization of $37.02 million, a P/E ratio of -13.63 and a beta of 1.56.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Royce & Associates LP grew its position 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 valued at $6,573,000 after buying an additional 107,566 shares during the last quarter. Needham Investment Management LLC boosted its stake in Luna Innovations by 150.0% in the third 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 acquiring 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 valued at $536,000 after purchasing an additional 15,000 shares during the last quarter. Pinnacle Associates Ltd. raised its position in shares of Luna Innovations by 402.5% during the 3rd 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 period. Finally, Squarepoint Ops LLC lifted its holdings in shares of 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 worth $497,000 after purchasing an additional 121,154 shares during the last quarter. Institutional investors own 87.46% of the company’s stock.

Luna Innovations Company Profile

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.