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

StockNews.com started coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report issued on Wednesday. The brokerage set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Trading Up 0.6 %

Shares of LUNA opened at $1.55 on Wednesday. The company’s 50-day moving average price is $1.72 and its 200 day moving average price is $2.36. Luna Innovations has a 12-month low of $1.43 and a 12-month high of $7.92. The firm has a market cap of $52.64 million, a P/E ratio of -19.38 and a beta of 1.62.

Hedge Funds Weigh In On Luna Innovations

Large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new stake in Luna Innovations in the second quarter valued at approximately $107,000. Summit Securities Group LLC acquired a new stake in shares of Luna Innovations in the second quarter valued at $45,000. Hodges Capital Management Inc. purchased a new stake in shares of Luna Innovations in the 2nd quarter valued at $33,000. Bradley Foster & Sargent Inc. CT lifted 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 worth $466,000 after acquiring an additional 55,740 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in Luna Innovations during the 2nd quarter valued at about $39,000. 87.46% of the stock is currently owned by institutional investors and hedge funds.

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.