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

Investment analysts at StockNews.com assumed coverage on shares of Luna Innovations (NASDAQ:LUNA) in a report released on Saturday. The firm set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Stock Performance

LUNA stock opened at $1.09 on Friday. The stock has a 50-day simple moving average of $1.68 and a 200-day simple moving average of $2.14. The firm has a market cap of $37.02 million, a P/E ratio of -13.63 and a beta of 1.56. Luna Innovations has a 1 year low of $0.70 and a 1 year high of $7.92.

Institutional Trading of Luna Innovations

A number of hedge funds have recently made changes to their positions in LUNA. Malaga Cove Capital LLC acquired a new stake in Luna Innovations during the 3rd quarter valued at $25,000. AQR Capital Management LLC purchased a new stake in shares of Luna Innovations during the second quarter worth about $37,000. Point72 DIFC Ltd purchased a new stake in shares of Luna Innovations during the second quarter worth about $39,000. Marathon Capital Management increased its position in shares of Luna Innovations by 9.8% during the second 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 during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Luna Innovations in the second quarter valued at about $48,000. 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.