Luna Innovations (NASDAQ:LUNA) Shares Pass Below Two Hundred Day Moving Average – Here’s What Happened

Luna Innovations Incorporated (NASDAQ:LUNA)’s stock price crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $2.25 and traded as low as $1.96. Luna Innovations shares last traded at $2.01, with a volume of 307,344 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on shares of Luna Innovations in a report on Friday. They issued a “sell” rating on the stock.

Luna Innovations Stock Down 6.9 %

The company has a market capitalization of $68.26 million, a PE ratio of -25.13 and a beta of 1.62. The business has a 50 day simple moving average of $1.74 and a 200 day simple moving average of $2.25.

Hedge Funds Weigh In On Luna Innovations

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Hodges Capital Management Inc. acquired a new position in Luna Innovations during the 2nd quarter valued at approximately $33,000. Malaga Cove Capital LLC purchased a new stake in shares of Luna Innovations during the third quarter valued at $25,000. AQR Capital Management LLC purchased a new stake in shares of Luna Innovations during the second quarter valued at $37,000. Point72 DIFC Ltd purchased a new position in Luna Innovations in the 2nd quarter worth $39,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Luna Innovations during the 2nd quarter worth about $48,000. 87.46% of the stock is owned by hedge funds and other institutional investors.

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.