Luna Innovations Incorporated (LUNA) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Luna Innovations Incorporated (NASDAQ:LUNA) from a strong-buy rating to a hold rating in a research report report published on Tuesday, October 17th.

According to Zacks, “LUNA INNOVATIONS INCORPORATED develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Luna develops technologies in four primary areas: Sensors & Systems; Health Sciences; Materials & Secure Computing. Luna’s product offerings generally fit into two categories: Instrumentation, Test & Measurement & Healthcare. The products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia. “

Separately, Northland Securities set a $3.00 target price on shares of Luna Innovations and gave the company a buy rating in a research report on Monday, August 14th.

Shares of Luna Innovations (NASDAQ LUNA) traded up $0.06 during mid-day trading on Tuesday, hitting $1.70. 87,366 shares of the stock were exchanged, compared to its average volume of 85,499. The company has a current ratio of 2.29, a quick ratio of 1.66 and a debt-to-equity ratio of 0.05. Luna Innovations has a 12 month low of $1.16 and a 12 month high of $2.33.

Luna Innovations (NASDAQ:LUNA) last released its earnings results on Thursday, August 10th. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.02. Luna Innovations had a negative net margin of 3.00% and a negative return on equity of 5.00%. The company had revenue of $13.58 million for the quarter, compared to the consensus estimate of $14.20 million. research analysts predict that Luna Innovations will post -0.04 EPS for the current year.

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Luna Innovations declared that its board has initiated a share buyback plan on Wednesday, September 20th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to buy up to 4.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

A hedge fund recently raised its stake in Luna Innovations stock. Vanguard Group Inc. boosted its holdings in shares of Luna Innovations Incorporated (NASDAQ:LUNA) by 0.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 475,489 shares of the scientific and technical instruments company’s stock after buying an additional 2,400 shares during the period. Vanguard Group Inc. owned approximately 1.73% of Luna Innovations worth $718,000 as of its most recent SEC filing. Institutional investors own 9.90% of the company’s stock.

About Luna Innovations

Luna Innovations Incorporated develops, manufactures and markets fiber optic sensing and test, and measurement products. The Company is focused on bringing technology solutions to measure and monitor processes in the aerospace, automotive, energy, composite, telecommunications and defense industries.

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