Luna Innovations (NASDAQ:LUNA) Share Price Passes Below 200-Day Moving Average of $6.35

Luna Innovations Incorporated (NASDAQ:LUNAGet Free Report)’s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $6.35 and traded as low as $3.50. Luna Innovations shares last traded at $3.55, with a volume of 733,995 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Luna Innovations from a “hold” rating to a “sell” rating in a research report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Luna Innovations presently has a consensus rating of “Hold” and a consensus target price of $10.00.

Read Our Latest Stock Report on Luna Innovations

Luna Innovations Price Performance

The company has a current ratio of 2.86, a quick ratio of 1.62 and a debt-to-equity ratio of 0.31. The company’s fifty day moving average is $6.57 and its two-hundred day moving average is $6.35. The stock has a market cap of $120.55 million, a price-to-earnings ratio of -44.38 and a beta of 1.39.

Hedge Funds Weigh In On Luna Innovations

Several hedge funds have recently bought and sold shares of the company. SkyView Investment Advisors LLC purchased a new position in shares of Luna Innovations in the first quarter valued at approximately $43,000. Tower Research Capital LLC TRC increased its position in shares of 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 acquiring an additional 2,192 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Luna Innovations during the third quarter worth $43,000. California State Teachers Retirement System acquired a new stake in shares of Luna Innovations in the second quarter valued at $97,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Luna Innovations during the 2nd quarter worth $122,000. Institutional investors and hedge funds own 53.75% of the company’s stock.

About Luna Innovations

(Get Free Report)

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.

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