Luna Innovations (NASDAQ:LUNA) Coverage Initiated at StockNews.com

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

Luna Innovations Price Performance

Shares of Luna Innovations stock opened at $1.86 on Friday. The stock has a market capitalization of $63.17 million, a price-to-earnings ratio of -23.25 and a beta of 1.63. The business has a 50-day moving average of $1.84 and a 200 day moving average of $2.52. Luna Innovations has a 12 month low of $1.43 and a 12 month high of $7.92.

Institutional Investors Weigh In On Luna Innovations

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Luna Innovations by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,846,673 shares of the scientific and technical instruments company’s stock worth $5,919,000 after acquiring an additional 16,773 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Luna Innovations in the second quarter valued at $107,000. Point72 DIFC Ltd acquired a new position in Luna Innovations during the 2nd quarter worth $39,000. AQR Capital Management LLC purchased a new stake in Luna Innovations during the 2nd quarter worth about $37,000. Finally, Summit Securities Group LLC purchased a new stake in Luna Innovations during the 2nd quarter worth about $45,000. 87.46% of the stock is currently owned by institutional investors and hedge funds.

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.