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

Investment analysts at StockNews.com began coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research note issued to investors on Wednesday. The firm set a “sell” rating on the scientific and technical instruments company’s stock.

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

Luna Innovations Trading Up 0.8 %

LUNA opened at $2.38 on Wednesday. The stock’s 50-day moving average price is $2.86 and its 200 day moving average price is $3.59. Luna Innovations has a 12-month low of $1.91 and a 12-month high of $7.92. The firm has a market cap of $80.82 million, a price-to-earnings ratio of -29.75 and a beta of 1.55.

Hedge Funds Weigh In On Luna Innovations

Hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its holdings in 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 worth $41,000 after purchasing an additional 2,192 shares during the period. Janney Montgomery Scott LLC increased its holdings in 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 worth $1,627,000 after purchasing an additional 10,300 shares during the period. Hodges Capital Management Inc. purchased a new stake in Luna Innovations during the 2nd quarter worth about $33,000. AQR Capital Management LLC purchased a new stake in Luna Innovations during the 2nd quarter worth about $37,000. Finally, Point72 DIFC Ltd purchased a new stake in Luna Innovations during the 2nd quarter worth about $39,000. Institutional investors and hedge funds own 87.46% of the company’s stock.

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.