StockNews.com Initiates Coverage on Luna Innovations (NASDAQ:LUNA)

StockNews.com began coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report released on Friday morning. The brokerage issued a sell rating on the scientific and technical instruments company’s stock.

Luna Innovations Trading Up 2.0 %

Shares of LUNA stock opened at $2.05 on Friday. Luna Innovations has a twelve month low of $1.43 and a twelve month high of $7.92. The stock has a market cap of $69.62 million, a P/E ratio of -25.63 and a beta of 1.56. The stock has a 50 day moving average of $1.75 and a 200 day moving average of $2.24.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LUNA. Allspring Global Investments Holdings LLC purchased a new position in Luna Innovations during the second quarter worth approximately $107,000. Bradley Foster & Sargent Inc. CT raised its stake in shares of 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 buying an additional 55,740 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Luna Innovations during the 2nd quarter valued at approximately $39,000. Cubist Systematic Strategies LLC acquired a new stake in Luna Innovations in the 2nd quarter valued at $48,000. Finally, Squarepoint Ops LLC increased its holdings in Luna Innovations by 353.7% in the 2nd quarter. Squarepoint Ops LLC now owns 155,409 shares of the scientific and technical instruments company’s stock worth $497,000 after acquiring an additional 121,154 shares in the last quarter. Hedge funds and other institutional investors 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.