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

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

Luna Innovations Trading Up 23.9 %

LUNA opened at $1.09 on Friday. The stock has a market capitalization of $37.02 million, a P/E ratio of -13.63 and a beta of 1.56. Luna Innovations has a 12 month low of $0.70 and a 12 month high of $7.92. The firm’s fifty day simple moving average is $1.68 and its 200 day simple moving average is $2.15.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Royce & Associates LP lifted its stake in Luna Innovations by 4.0% in the 3rd 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 acquiring an additional 107,566 shares in the last quarter. Needham Investment Management LLC lifted its position in shares of Luna Innovations by 150.0% in 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 purchasing an additional 600,000 shares in the last quarter. Marathon Capital Management boosted its holdings in Luna Innovations by 9.8% during the second quarter. Marathon Capital Management now owns 167,500 shares of the scientific and technical instruments company’s stock worth $536,000 after purchasing an additional 15,000 shares during the last quarter. Pinnacle Associates Ltd. grew 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 in the last quarter. Finally, Squarepoint Ops LLC increased its stake in Luna Innovations by 353.7% in the 2nd quarter. Squarepoint Ops LLC now owns 155,409 shares of the scientific and technical instruments company’s stock valued at $497,000 after buying an additional 121,154 shares during the last quarter. 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.