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

Investment analysts at StockNews.com began coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report issued on Sunday. The brokerage set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Price Performance

Shares of Luna Innovations stock opened at $1.07 on Friday. Luna Innovations has a twelve month low of $0.70 and a twelve month high of $7.92. The company’s fifty day moving average is $1.62 and its 200 day moving average is $2.06.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Needham Investment Management LLC grew its stake in shares of Luna Innovations by 150.0% during 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 during the period. Pinnacle Associates Ltd. boosted its position in Luna Innovations by 402.5% during the third 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. Squarepoint Ops LLC increased its stake in shares of Luna Innovations by 353.7% in the second 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 in the last quarter. Royce & Associates LP raised its position in shares of 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 valued at $6,573,000 after purchasing an additional 107,566 shares during the period. Finally, GSA Capital Partners LLP bought a new position in Luna Innovations in the 3rd quarter worth 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.