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

Investment analysts at StockNews.com started coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report released on Thursday. The firm set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Trading Up 4.3 %

Luna Innovations stock opened at $2.19 on Thursday. The stock has a 50-day moving average price of $2.69 and a 200 day moving average price of $3.37. Luna Innovations has a 52 week low of $1.91 and a 52 week high of $7.92. The stock has a market cap of $74.37 million, a PE ratio of -27.38 and a beta of 1.55.

Hedge Funds Weigh In On Luna Innovations

A number of institutional investors have recently modified their holdings of LUNA. Janney Montgomery Scott LLC grew its stake in Luna Innovations by 4.4% in 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 acquiring an additional 10,300 shares during the period. Hodges Capital Management Inc. purchased a new position in shares of Luna Innovations during the 2nd quarter worth $33,000. AQR Capital Management LLC acquired a new stake in shares of Luna Innovations during the second quarter worth $37,000. Point72 DIFC Ltd purchased a new stake in shares of Luna Innovations in the second quarter valued at $39,000. Finally, Summit Securities Group LLC acquired a new position in Luna Innovations in the second quarter valued at $45,000. Institutional investors and hedge funds own 87.46% of the company’s stock.

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.