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

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

Luna Innovations Stock Performance

Shares of NASDAQ LUNA opened at $0.85 on Friday. The stock’s 50 day moving average price is $0.87 and its two-hundred day moving average price is $1.52. Luna Innovations has a 52-week low of $0.65 and a 52-week high of $4.42.

Hedge Funds Weigh In On Luna Innovations

A number of hedge funds have recently added to or reduced their stakes in LUNA. Squarepoint Ops LLC lifted its position in shares of Luna Innovations by 40.3% in the 4th quarter. Squarepoint Ops LLC now owns 104,453 shares of the scientific and technical instruments company’s stock worth $226,000 after buying an additional 29,981 shares during the last quarter. Needham Investment Management LLC lifted its holdings in Luna Innovations by 17.5% in the fourth quarter. Needham Investment Management LLC now owns 1,175,000 shares of the scientific and technical instruments company’s stock worth $2,538,000 after acquiring an additional 175,000 shares during the last quarter. Raymond James Financial Inc. bought a new position in Luna Innovations in the fourth quarter worth about $57,000. Renaissance Technologies LLC boosted its stake in 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 valued at $643,000 after acquiring an additional 124,300 shares during the period. Finally, Prudential Financial Inc. bought a new position in shares of Luna Innovations during the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds 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.