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

Stock analysts at StockNews.com initiated coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research note issued to investors on Wednesday. The firm set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Price Performance

Shares of LUNA opened at $0.85 on Wednesday. Luna Innovations has a 12 month low of $0.70 and a 12 month high of $7.59. The stock’s 50 day moving average is $1.32 and its two-hundred day moving average is $1.82.

Institutional Trading of Luna Innovations

Several institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new stake in Luna Innovations in the fourth quarter valued at approximately $57,000. Renaissance Technologies LLC boosted its stake in shares of Luna Innovations by 71.7% in the fourth quarter. Renaissance Technologies LLC now owns 297,600 shares of the scientific and technical instruments company’s stock worth $643,000 after acquiring an additional 124,300 shares during the last quarter. Prudential Financial Inc. acquired a new stake in shares of Luna Innovations in the fourth quarter worth approximately $39,000. Virtu Financial LLC acquired a new stake in shares of Luna Innovations in the fourth quarter worth approximately $78,000. Finally, Founders Financial Alliance LLC acquired a new stake in shares of Luna Innovations in the fourth quarter worth approximately $43,000. 87.46% of the stock is owned by institutional investors and hedge funds.

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.