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

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

Luna Innovations Trading Down 8.7 %

Shares of LUNA stock opened at $1.74 on Monday. The company has a market capitalization of $59.09 million, a P/E ratio of -21.75 and a beta of 1.58. The business’s 50 day moving average is $2.32 and its two-hundred day moving average is $2.75. Luna Innovations has a 12-month low of $1.72 and a 12-month high of $7.92.

Hedge Funds Weigh In On Luna Innovations

Hedge funds have recently bought and sold shares of the business. Wasatch Advisors LP raised its holdings in shares of Luna Innovations by 60.6% during the first quarter. Wasatch Advisors LP now owns 2,023,242 shares of the scientific and technical instruments company’s stock valued at $6,484,000 after acquiring an additional 763,165 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Luna Innovations by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,846,673 shares of the scientific and technical instruments company’s stock valued at $5,919,000 after acquiring an additional 16,773 shares during the last quarter. Avenir Corp raised its holdings in shares of Luna Innovations by 35.3% during the fourth quarter. Avenir Corp now owns 221,180 shares of the scientific and technical instruments company’s stock valued at $1,471,000 after acquiring an additional 57,700 shares during the last quarter. Marathon Capital Management raised its holdings in shares of 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 valued at $536,000 after acquiring an additional 15,000 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Luna Innovations by 353.7% during the second quarter. Squarepoint Ops LLC now owns 155,409 shares of the scientific and technical instruments company’s stock valued at $497,000 after acquiring an additional 121,154 shares during the last quarter. Hedge funds and other 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.