Luna Innovations (NASDAQ:LUNA) Stock Passes Below 200-Day Moving Average – Should You Sell?

Luna Innovations Incorporated (NASDAQ:LUNA) shares passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.16 and traded as low as $0.82. Luna Innovations shares last traded at $1.09, with a volume of 324,512 shares traded.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on Luna Innovations in a research note on Saturday. They set a “sell” rating on the stock.

Luna Innovations Stock Performance

The company’s 50 day moving average is $1.68 and its 200 day moving average is $2.15. The stock has a market capitalization of $37.02 million, a price-to-earnings ratio of -13.63 and a beta of 1.56.

Hedge Funds Weigh In On Luna Innovations

A number of hedge funds and other institutional investors have recently made changes to their positions in LUNA. Malaga Cove Capital LLC acquired a new stake in shares of Luna Innovations in the 3rd quarter valued at $25,000. AQR Capital Management LLC bought a new stake in Luna Innovations during the second quarter worth about $37,000. Point72 DIFC Ltd bought a new position in shares of Luna Innovations in the second quarter valued at approximately $39,000. Marathon Capital Management boosted its holdings in shares of Luna Innovations by 9.8% in the 2nd quarter. Marathon Capital Management now owns 167,500 shares of the scientific and technical instruments company’s stock worth $536,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in Luna Innovations during the 2nd quarter valued at $48,000. 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.