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

StockNews.com assumed coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report issued on Monday morning. The brokerage issued a sell rating on the scientific and technical instruments company’s stock.

Luna Innovations Stock Performance

NASDAQ:LUNA opened at $1.74 on Monday. Luna Innovations has a one year low of $1.72 and a one year high of $7.92. The stock has a market cap of $59.09 million, a PE ratio of -21.75 and a beta of 1.58. The stock has a 50 day moving average price of $2.32 and a 200 day moving average price of $2.75.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors LP grew its position in Luna Innovations by 60.6% in the first quarter. Wasatch Advisors LP now owns 2,023,242 shares of the scientific and technical instruments company’s stock worth $6,484,000 after acquiring an additional 763,165 shares during the period. Vanguard Group Inc. boosted its position in shares of Luna Innovations by 0.9% during 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 buying an additional 16,773 shares during the period. Avenir Corp boosted its position in shares of Luna Innovations by 35.3% during the fourth quarter. Avenir Corp now owns 221,180 shares of the scientific and technical instruments company’s stock worth $1,471,000 after buying an additional 57,700 shares during the period. Marathon Capital Management boosted its position in shares of Luna Innovations by 9.8% during the second quarter. Marathon Capital Management now owns 167,500 shares of the scientific and technical instruments company’s stock worth $536,000 after buying an additional 15,000 shares during the period. Finally, Squarepoint Ops LLC boosted its position in shares of Luna Innovations by 353.7% during the second quarter. Squarepoint Ops LLC now owns 155,409 shares of the scientific and technical instruments company’s stock worth $497,000 after buying an additional 121,154 shares during the period. 87.46% of the stock is currently owned by hedge funds and other institutional investors.

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.