Luna Innovations (NASDAQ:LUNA) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Luna Innovations (NASDAQ:LUNA) in a research note issued to investors on Monday, Benzinga reports. Needham & Company LLC currently has a $8.00 target price on the scientific and technical instruments company’s stock.

Separately, StockNews.com downgraded Luna Innovations from a hold rating to a sell rating in a report on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Luna Innovations currently has an average rating of Hold and an average price target of $10.00.

Luna Innovations Stock Down 4.1 %

Shares of NASDAQ LUNA opened at $2.68 on Monday. The business has a 50-day moving average of $3.68 and a two-hundred day moving average of $5.57. The company has a market capitalization of $91.01 million, a price-to-earnings ratio of -33.50 and a beta of 1.40. Luna Innovations has a 1 year low of $1.91 and a 1 year high of $10.70. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.86 and a quick ratio of 1.62.

Institutional Investors Weigh In On Luna Innovations

A number of institutional investors have recently bought and sold shares of LUNA. BNP Paribas Financial Markets grew its position in Luna Innovations by 672.6% during the first quarter. BNP Paribas Financial Markets now owns 69,549 shares of the scientific and technical instruments company’s stock valued at $223,000 after acquiring an additional 60,547 shares during the period. Wasatch Advisors LP lifted its position in Luna Innovations by 60.6% during the first quarter. Wasatch Advisors LP now owns 2,023,242 shares of the scientific and technical instruments company’s stock valued at $6,484,000 after buying an additional 763,165 shares in the last quarter. Avenir Corp increased its position in shares of Luna Innovations by 35.3% in the fourth quarter. Avenir Corp now owns 221,180 shares of the scientific and technical instruments company’s stock worth $1,471,000 after acquiring an additional 57,700 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Luna Innovations by 54.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,220 shares of the scientific and technical instruments company’s stock valued at $41,000 after acquiring an additional 2,192 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in Luna Innovations by 4.4% during 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 purchasing an additional 10,300 shares during the period. 87.46% of the stock is currently owned by hedge funds and other institutional investors.

Luna Innovations Company Profile

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.