Luna Innovations (NASDAQ:LUNA) Now Covered by StockNews.com

Equities researchers at StockNews.com started coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research report issued to clients and investors on Monday. The brokerage set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Trading Down 8.7 %

Shares of NASDAQ:LUNA opened at $1.89 on Monday. The company has a market capitalization of $64.18 million, a price-to-earnings ratio of -23.63 and a beta of 1.58. Luna Innovations has a 12-month low of $1.80 and a 12-month high of $7.92. The business has a 50-day moving average price of $2.36 and a 200 day moving average price of $2.77.

Institutional Investors Weigh In On Luna Innovations

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wasatch Advisors LP boosted its position in shares of Luna Innovations by 60.6% during the 1st quarter. Wasatch Advisors LP now owns 2,023,242 shares of the scientific and technical instruments company’s stock worth $6,484,000 after purchasing an additional 763,165 shares during the period. Vanguard Group Inc. boosted its position in shares of Luna Innovations by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,846,673 shares of the scientific and technical instruments company’s stock worth $5,919,000 after buying an additional 16,773 shares during the period. Avenir Corp grew its stake in shares of Luna Innovations by 35.3% in the fourth quarter. Avenir Corp now owns 221,180 shares of the scientific and technical instruments company’s stock valued at $1,471,000 after buying an additional 57,700 shares in the last quarter. Marathon Capital Management raised its holdings in shares of Luna Innovations by 9.8% in the 2nd quarter. Marathon Capital Management now owns 167,500 shares of the scientific and technical instruments company’s stock valued at $536,000 after buying an additional 15,000 shares during the period. Finally, Squarepoint Ops LLC lifted its stake in Luna Innovations by 353.7% during the 2nd 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. 87.46% of the stock is owned by hedge funds and other institutional investors.

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.