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

StockNews.com began coverage on shares of Luna Innovations (NASDAQ:LUNA) in a research report issued to clients and investors on Monday. The brokerage set a “sell” rating on the scientific and technical instruments company’s stock.

Luna Innovations Trading Up 32.5%

NASDAQ:LUNA opened at $0.53 on Monday. Luna Innovations has a twelve month low of $0.22 and a twelve month high of $3.89. The company has a fifty day moving average of $0.49 and a 200-day moving average of $1.02.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Needham Investment Management LLC increased its holdings in shares of Luna Innovations by 17.5% during the fourth quarter. Needham Investment Management LLC now owns 1,175,000 shares of the scientific and technical instruments company’s stock valued at $2,538,000 after acquiring an additional 175,000 shares in the last quarter. Renaissance Technologies LLC grew its position in Luna Innovations by 71.7% in the 4th quarter. Renaissance Technologies LLC now owns 297,600 shares of the scientific and technical instruments company’s stock valued at $643,000 after purchasing an additional 124,300 shares during the period. Squarepoint Ops LLC increased its stake in Luna Innovations by 40.3% during the 4th quarter. Squarepoint Ops LLC now owns 104,453 shares of the scientific and technical instruments company’s stock valued at $226,000 after purchasing an additional 29,981 shares in the last quarter. Virtu Financial LLC bought a new stake in Luna Innovations during the 4th quarter valued at $78,000. Finally, Raymond James Financial Inc. acquired a new position in Luna Innovations during the fourth quarter worth $57,000. 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.