Luna Innovations (NASDAQ:LUNA) Share Price Crosses Below 200 Day Moving Average of $5.93

Shares of Luna Innovations Incorporated (NASDAQ:LUNA) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.93 and traded as low as $2.73. Luna Innovations shares last traded at $2.80, with a volume of 622,335 shares traded.

Wall Street Analyst Weigh In

Separately, StockNews.com cut Luna Innovations from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $10.00.

Luna Innovations Stock Down 1.1 %

The stock has a 50-day moving average price of $4.87 and a 200-day moving average price of $5.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.86 and a quick ratio of 1.62. The company has a market capitalization of $94.07 million, a P/E ratio of -34.63 and a beta of 1.31.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its stake in Luna Innovations by 54.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,220 shares of the scientific and technical instruments company’s stock worth $41,000 after buying an additional 2,192 shares during the last quarter. SkyView Investment Advisors LLC bought a new position in shares of Luna Innovations in the 1st quarter worth about $43,000. Lazard Asset Management LLC acquired a new position in shares of Luna Innovations in the 3rd quarter valued at about $43,000. California State Teachers Retirement System bought a new stake in shares of Luna Innovations during the 2nd quarter valued at about $97,000. Finally, AE Wealth Management LLC acquired a new stake in Luna Innovations during the third quarter worth approximately $102,000. Institutional investors and hedge funds own 87.46% of the company’s stock.

Luna Innovations Company Profile

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.