Luna Innovations (NASDAQ:LUNA) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Luna Innovations (NASDAQ:LUNA) from a hold rating to a buy rating in a report released on Wednesday, Zacks.com reports. The firm currently has $6.50 target price on the scientific and technical instruments company’s stock.

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. “

LUNA has been the subject of a number of other research reports. TheStreet upgraded Luna Innovations from a c+ rating to a b rating in a research report on Wednesday, August 14th. ValuEngine cut Luna Innovations from a hold rating to a sell rating in a research report on Wednesday, October 2nd. Finally, Northland Securities upgraded Luna Innovations from a market perform rating to an outperform rating and set a $6.00 price target for the company in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating and three have issued a buy rating to the company. Luna Innovations currently has a consensus rating of Buy and a consensus price target of $5.83.

Shares of LUNA stock opened at $6.50 on Wednesday. Luna Innovations has a fifty-two week low of $2.68 and a fifty-two week high of $7.20. The stock has a market cap of $166.22 million, a P/E ratio of 162.50 and a beta of 0.73. The business has a fifty day simple moving average of $5.87 and a 200-day simple moving average of $5.17.

Luna Innovations (NASDAQ:LUNA) last announced its quarterly earnings results on Wednesday, August 7th. The scientific and technical instruments company reported $0.02 earnings per share for the quarter. Luna Innovations had a return on equity of 4.81% and a net margin of 6.40%. The business had revenue of $17.81 million during the quarter, compared to analysts’ expectations of $15.62 million. Analysts forecast that Luna Innovations will post 0.15 EPS for the current year.

In other news, major shareholder Clinic Carilion sold 83,861 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $5.61, for a total value of $470,460.21. Following the completion of the transaction, the insider now owns 1,780,469 shares in the company, valued at $9,988,431.09. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders sold 770,186 shares of company stock valued at $4,717,871. Company insiders own 11.20% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Alambic Investment Management L.P. increased its position in Luna Innovations by 2.0% during the 2nd quarter. Alambic Investment Management L.P. now owns 101,890 shares of the scientific and technical instruments company’s stock worth $459,000 after purchasing an additional 2,000 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in Luna Innovations during the 3rd quarter worth about $25,000. California Public Employees Retirement System increased its position in Luna Innovations by 5.8% during the 3rd quarter. California Public Employees Retirement System now owns 89,138 shares of the scientific and technical instruments company’s stock worth $516,000 after purchasing an additional 4,900 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Luna Innovations by 127.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 25,700 shares of the scientific and technical instruments company’s stock worth $116,000 after purchasing an additional 14,400 shares in the last quarter. Finally, Morgan Stanley increased its position in Luna Innovations by 9.7% during the 2nd quarter. Morgan Stanley now owns 217,025 shares of the scientific and technical instruments company’s stock worth $976,000 after purchasing an additional 19,190 shares in the last quarter. Hedge funds and other institutional investors own 23.37% of the company’s stock.

Luna Innovations Company Profile

Luna Innovations Incorporated develops, manufactures, and markets fiber optic sensing, and test and measurement products worldwide. It operates in two segments, Products and Licensing, and Technology Development. The Products and Licensing segment offers fiber optic sensing products, as well as test and measurement products to monitor the integrity of fiber optic network components and sub-assemblies, which include optical vector analyzer, optical backscatter reflectometers, and the Phoenix family of tunable lasers; and distributed sensing systems comprising optical distributed sensor interrogator sensing solution with multiple sensors whose inputs are integrated through a fiber optic network and software.

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