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

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

Luna Innovations Stock Performance

NASDAQ:LUNA opened at $0.85 on Wednesday. Luna Innovations has a fifty-two week low of $0.70 and a fifty-two week high of $7.92. The firm has a 50-day simple moving average of $1.36 and a two-hundred day simple moving average of $1.84.

Institutional Trading of Luna Innovations

A number of institutional investors have recently made changes to their positions in LUNA. Needham Investment Management LLC boosted its holdings in shares of Luna Innovations by 150.0% during the 3rd quarter. Needham Investment Management LLC now owns 1,000,000 shares of the scientific and technical instruments company’s stock valued at $2,350,000 after acquiring an additional 600,000 shares during the last quarter. Pinnacle Associates Ltd. boosted its holdings in shares of Luna Innovations by 402.5% during the 3rd quarter. Pinnacle Associates Ltd. now owns 155,482 shares of the scientific and technical instruments company’s stock valued at $365,000 after acquiring an additional 124,543 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Luna Innovations by 4.0% during the 3rd quarter. Royce & Associates LP now owns 2,797,038 shares of the scientific and technical instruments company’s stock valued at $6,573,000 after acquiring an additional 107,566 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Luna Innovations during the 3rd quarter valued at about $144,000. Finally, Virtu Financial LLC purchased a new stake in shares of Luna Innovations during the 4th quarter valued at about $78,000. 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.