Luna Innovations (NASDAQ:LUNA) Research Coverage Started at StockNews.com

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

Luna Innovations Stock Down 10.5 %

Shares of LUNA opened at $0.85 on Monday. Luna Innovations has a 1-year low of $0.70 and a 1-year high of $7.92. The firm’s 50-day moving average price is $1.54 and its 200-day moving average price is $1.97.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in LUNA. Royce & Associates LP raised its holdings in Luna Innovations by 4.0% in 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 in the last quarter. Needham Investment Management LLC increased its stake in shares of 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 worth $2,350,000 after acquiring an additional 600,000 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in 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 valued at $365,000 after acquiring an additional 124,543 shares during the period. Squarepoint Ops LLC boosted its stake in 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 worth $497,000 after acquiring an additional 121,154 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Luna Innovations in the third quarter worth about $144,000. Hedge funds and other 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.