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

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

Luna Innovations Stock Down 5.1 %

NASDAQ LUNA opened at $1.86 on Monday. The company has a market capitalization of $63.17 million, a price-to-earnings ratio of -23.25 and a beta of 1.62. The stock has a fifty day simple moving average of $1.80 and a 200 day simple moving average of $2.47. Luna Innovations has a twelve month low of $1.43 and a twelve month high of $7.92.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in 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 valued at $5,919,000 after purchasing an additional 16,773 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Luna Innovations in the second quarter worth approximately $107,000. Summit Securities Group LLC acquired a new stake in Luna Innovations in the second quarter valued at approximately $45,000. Hodges Capital Management Inc. bought a new stake in shares of Luna Innovations during the second quarter valued at approximately $33,000. Finally, Bradley Foster & Sargent Inc. CT increased its stake in Luna Innovations by 61.9% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 145,740 shares of the scientific and technical instruments company’s stock valued at $466,000 after purchasing an additional 55,740 shares in the last quarter. 87.46% of the stock is owned by 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.