StockNews.com Begins Coverage on Luna Innovations (NASDAQ:LUNA)

Analysts at StockNews.com began coverage on shares of Luna Innovations (NASDAQ:LUNA) in a note issued to investors on Saturday. The firm set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Trading Up 3.8 %

Shares of NASDAQ:LUNA opened at $1.63 on Friday. The stock has a market capitalization of $55.35 million, a PE ratio of -20.38 and a beta of 1.63. Luna Innovations has a 1 year low of $1.43 and a 1 year high of $7.92. The firm has a fifty day moving average price of $1.88 and a 200 day moving average price of $2.56.

Hedge Funds Weigh In On Luna Innovations

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LUNA. XTX Topco Ltd bought a new stake in shares of Luna Innovations during the 3rd quarter worth $55,000. Needham Investment Management LLC lifted its position in Luna Innovations by 150.0% during the 3rd 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 acquiring an additional 600,000 shares during the last quarter. Royce & Associates LP lifted its position in Luna Innovations by 4.0% during the 3rd quarter. Royce & Associates LP now owns 2,797,038 shares of the scientific and technical instruments company’s stock worth $6,573,000 after acquiring an additional 107,566 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Luna Innovations during the third quarter valued at about $144,000. Finally, Malaga Cove Capital LLC acquired a new stake in shares of Luna Innovations in the third quarter valued at about $25,000. 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.