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

Research analysts at StockNews.com assumed coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report issued on Wednesday. The brokerage set a “sell” rating on the scientific and technical instruments company’s stock.

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

Luna Innovations Trading Down 3.0 %

Shares of NASDAQ LUNA opened at $2.39 on Wednesday. The stock has a fifty day moving average price of $2.88 and a 200 day moving average price of $3.60. Luna Innovations has a 12-month low of $1.91 and a 12-month high of $7.92. The company has a market cap of $80.99 million, a P/E ratio of -29.81 and a beta of 1.55.

Hedge Funds Weigh In On Luna Innovations

A number of institutional investors have recently added to or reduced their stakes in LUNA. Cary Street Partners Investment Advisory LLC increased its position in shares of Luna Innovations by 72.5% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 42,377 shares of the scientific and technical instruments company’s stock worth $282,000 after acquiring an additional 17,808 shares during the last quarter. Private Portfolio Partners LLC acquired a new position in shares of Luna Innovations in the 4th quarter valued at approximately $136,000. Janney Montgomery Scott LLC boosted its stake in shares of Luna Innovations by 4.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 244,681 shares of the scientific and technical instruments company’s stock valued at $1,627,000 after buying an additional 10,300 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Luna Innovations by 54.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,220 shares of the scientific and technical instruments company’s stock valued at $41,000 after buying an additional 2,192 shares during the last quarter. Finally, Wasatch Advisors LP grew its position in shares of Luna Innovations by 75.0% during the fourth quarter. Wasatch Advisors LP now owns 1,260,077 shares of the scientific and technical instruments company’s stock worth $8,380,000 after buying an additional 539,933 shares in the last quarter. Institutional investors and hedge funds 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.