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

StockNews.com assumed coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research note issued to investors on Monday morning. The brokerage issued a sell rating on the scientific and technical instruments company’s stock.

Luna Innovations Trading Up 3.2 %

Shares of NASDAQ:LUNA opened at $1.92 on Monday. Luna Innovations has a 1-year low of $1.43 and a 1-year high of $7.92. The firm has a market capitalization of $65.20 million, a PE ratio of -24.00 and a beta of 1.62. The business’s 50 day moving average is $1.79 and its 200-day moving average is $2.47.

Hedge Funds Weigh In On Luna Innovations

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Malaga Cove Capital LLC bought a new position in Luna Innovations in the 3rd quarter valued at $25,000. Hodges Capital Management Inc. bought a new position in Luna Innovations in the 2nd quarter valued at $33,000. AQR Capital Management LLC bought a new position in Luna Innovations in the 2nd quarter valued at $37,000. Point72 DIFC Ltd bought a new stake in shares of Luna Innovations during the second quarter worth $39,000. Finally, Summit Securities Group LLC bought a new stake in shares of Luna Innovations during the second quarter worth $45,000. Institutional investors own 87.46% of the company’s stock.

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.