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

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

Luna Innovations Trading Up 5.9 %

Shares of Luna Innovations stock opened at $2.17 on Thursday. The firm’s 50 day simple moving average is $1.72 and its two-hundred day simple moving average is $2.29. The firm has a market capitalization of $73.69 million, a price-to-earnings ratio of -27.13 and a beta of 1.62. Luna Innovations has a 12-month low of $1.43 and a 12-month high of $7.92.

Hedge Funds Weigh In On Luna Innovations

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LUNA. Needham Investment Management LLC increased its holdings in shares of 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 purchasing an additional 600,000 shares during the period. Pinnacle Associates Ltd. boosted its position in Luna Innovations by 402.5% in the third 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. Squarepoint Ops LLC increased its holdings 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 worth $497,000 after buying an additional 121,154 shares during the period. Royce & Associates LP raised its position 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 buying an additional 107,566 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in Luna Innovations during the 3rd quarter valued at approximately $144,000. Hedge funds and other 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.