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

StockNews.com assumed coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research note issued to investors on Sunday. The brokerage issued a sell rating on the scientific and technical instruments company’s stock.

Luna Innovations Stock Down 4.2 %

Shares of LUNA opened at $0.69 on Friday. The stock has a 50 day simple moving average of $0.88 and a two-hundred day simple moving average of $1.53. Luna Innovations has a 1 year low of $0.65 and a 1 year high of $4.77.

Institutional Trading of Luna Innovations

Several hedge funds and other institutional investors have recently bought and sold shares of LUNA. GSA Capital Partners LLP bought a new position in shares of Luna Innovations during the third quarter valued at approximately $144,000. Royce & Associates LP grew its stake 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 during the period. Needham Investment Management LLC grew its stake in 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 during the period. XTX Topco Ltd purchased a new stake in Luna Innovations in the third quarter worth $55,000. Finally, Raymond James Financial Inc. purchased a new stake in Luna Innovations in the fourth quarter worth $57,000. 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.