StockNews.com initiated coverage on shares of Luna Innovations (NASDAQ:LUNA – Free Report) in a research note published on Saturday morning. The firm issued a sell rating on the scientific and technical instruments company’s stock.
Luna Innovations Trading Down 4.6 %
Shares of Luna Innovations stock opened at $1.04 on Friday. The company has a market cap of $35.32 million, a PE ratio of -13.00 and a beta of 1.56. The company has a 50 day moving average of $1.67 and a 200-day moving average of $2.12. Luna Innovations has a 1-year low of $0.70 and a 1-year high of $7.92.
Hedge Funds Weigh In On Luna Innovations
Several hedge funds and other institutional investors have recently modified their holdings of LUNA. Needham Investment Management LLC increased its holdings in shares of Luna Innovations by 150.0% during the third 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 buying an additional 600,000 shares in the last quarter. Pinnacle Associates Ltd. raised 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 purchasing an additional 124,543 shares during the last quarter. Squarepoint Ops LLC boosted its stake 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 valued at $497,000 after purchasing an additional 121,154 shares in the last quarter. Royce & Associates LP grew its holdings in shares of Luna Innovations by 4.0% during the third 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. Finally, GSA Capital Partners LLP acquired a new position in shares of Luna Innovations in the third quarter valued at approximately $144,000. 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.
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