Luna Innovations (NASDAQ:LUNA) Receives New Coverage from Analysts at StockNews.com

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

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price target on shares of Luna Innovations in a research note on Monday, May 6th.

Luna Innovations Stock Up 0.4 %

NASDAQ:LUNA opened at $2.36 on Tuesday. The company has a market cap of $80.14 million, a P/E ratio of -29.50 and a beta of 1.55. Luna Innovations has a fifty-two week low of $1.91 and a fifty-two week high of $7.92. The firm’s 50 day moving average is $2.99 and its two-hundred day moving average is $3.81.

Hedge Funds Weigh In On Luna Innovations

Large investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC increased its position in shares of Luna Innovations by 54.4% in 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 in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Luna Innovations by 4.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 244,681 shares of the scientific and technical instruments company’s stock worth $1,627,000 after acquiring an additional 10,300 shares in the last quarter. Hodges Capital Management Inc. acquired a new stake in shares of Luna Innovations in the second quarter worth $33,000. AQR Capital Management LLC acquired a new stake in shares of Luna Innovations in the second quarter worth $37,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Luna Innovations in the second quarter worth $39,000. 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.