Luna Innovations Incorporated (NASDAQ:LUNA) was the target of a significant growth in short interest in July. As of July 31st, there was short interest totalling 19,300 shares, a growth of 87.4% from the June 30th total of 10,300 shares. Based on an average daily volume of 100,000 shares, the short-interest ratio is presently 0.2 days. Approximately 0.1% of the company’s stock are short sold.
In related news, major shareholder Clinic Carilion sold 54,495 shares of Luna Innovations stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $5.25, for a total value of $286,098.75. Following the completion of the transaction, the insider now directly owns 1,864,330 shares in the company, valued at $9,787,732.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 270,060 shares of company stock valued at $1,381,901 over the last quarter. Insiders own 11.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of LUNA. Dimensional Fund Advisors LP increased its stake in Luna Innovations by 9.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 552,213 shares of the scientific and technical instruments company’s stock valued at $1,850,000 after acquiring an additional 49,010 shares during the period. Deutsche Bank AG raised its position in shares of Luna Innovations by 12,592.3% in the 4th quarter. Deutsche Bank AG now owns 9,900 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 9,822 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Luna Innovations in the 1st quarter valued at approximately $47,000. Acadian Asset Management LLC raised its position in shares of Luna Innovations by 11.9% in the 1st quarter. Acadian Asset Management LLC now owns 116,199 shares of the scientific and technical instruments company’s stock valued at $484,000 after buying an additional 12,397 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. acquired a new position in shares of Luna Innovations in the 1st quarter valued at approximately $417,000. Institutional investors own 21.86% of the company’s stock.
NASDAQ:LUNA traded up $0.05 during mid-day trading on Monday, reaching $5.50. The stock had a trading volume of 364,299 shares, compared to its average volume of 94,303. The stock has a market cap of $158.07 million, a P/E ratio of 137.50 and a beta of 0.74. Luna Innovations has a 1-year low of $2.68 and a 1-year high of $5.91. The business has a 50 day simple moving average of $4.86.
Luna Innovations (NASDAQ:LUNA) last issued its earnings results on Wednesday, August 7th. The scientific and technical instruments company reported $0.02 EPS for the quarter. Luna Innovations had a return on equity of 4.97% and a net margin of 20.67%. The company had revenue of $17.81 million during the quarter, compared to the consensus estimate of $15.62 million. On average, analysts predict that Luna Innovations will post 0.11 EPS for the current fiscal year.
A number of research firms recently commented on LUNA. ValuEngine downgraded Luna Innovations from a “buy” rating to a “hold” rating in a research note on Thursday. Zacks Investment Research downgraded Luna Innovations from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Northland Securities upgraded Luna Innovations from a “market perform” rating to an “outperform” rating and set a $6.00 price target for the company in a research note on Thursday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $5.33.
About Luna Innovations
Luna Innovations Incorporated develops, manufactures, and markets fiber optic sensing, and test and measurement products worldwide. It operates in two segments, Products and Licensing, and Technology Development. The Products and Licensing segment offers fiber optic sensing products, as well as test and measurement products to monitor the integrity of fiber optic network components and sub-assemblies, which include optical vector analyzer, optical backscatter reflectometers, and the Phoenix family of tunable lasers; and distributed sensing systems comprising optical distributed sensor interrogator sensing solution with multiple sensors whose inputs are integrated through a fiber optic network and software.
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