Luna Innovations (NASDAQ:LUNA) Downgraded by StockNews.com

StockNews.com downgraded shares of Luna Innovations (NASDAQ:LUNA) from a hold rating to a sell rating in a report issued on Friday.

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

Luna Innovations Price Performance

LUNA opened at $2.74 on Friday. The stock has a market capitalization of $93.05 million, a price-to-earnings ratio of -34.25 and a beta of 1.55. The business has a 50-day moving average of $3.17 and a two-hundred day moving average of $4.16. Luna Innovations has a 12 month low of $1.91 and a 12 month high of $9.23.

Hedge Funds Weigh In On Luna Innovations

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hodges Capital Management Inc. acquired a new position in Luna Innovations during the 2nd quarter worth approximately $33,000. Tower Research Capital LLC TRC lifted its position 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 acquiring an additional 2,192 shares in the last quarter. Summit Securities Group LLC acquired a new position in Luna Innovations during the 2nd quarter worth approximately $45,000. Keeley Teton Advisors LLC acquired a new position in Luna Innovations during the 1st quarter worth approximately $64,000. Finally, Alpine Global Management LLC acquired a new position in Luna Innovations during the 1st quarter worth approximately $75,000. 87.46% of the stock is owned by institutional investors and hedge funds.

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.