Luna Innovations (NASDAQ:LUNA) Stock Price Passes Below 200-Day Moving Average of $6.85

Posted by on Jun 23rd, 2022

Luna Innovations Incorporated (NASDAQ:LUNA – Get Rating) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $6.85 and traded as low as $4.91. Luna Innovations shares last traded at $5.04, with a volume of 493,156 shares changing hands.

LUNA has been the topic of several research analyst reports. StockNews.com initiated coverage on shares of Luna Innovations in a report on Thursday, March 31st. They issued a “hold” rating on the stock. B. Riley reduced their price objective on shares of Luna Innovations from $12.00 to $11.50 in a report on Tuesday, May 17th. Finally, Northland Securities upgraded shares of Luna Innovations from a “market perform” rating to an “outperform” rating and set a $8.00 price objective on the stock in a report on Monday, May 23rd.

The company has a debt-to-equity ratio of 0.20, a current ratio of 2.55 and a quick ratio of 1.60. The company has a market capitalization of $163.42 million, a PE ratio of 14.40 and a beta of 1.28. The stock’s 50 day simple moving average is $5.71 and its 200-day simple moving average is $6.85.

Luna Innovations (NASDAQ:LUNA – Get Rating) last issued its quarterly earnings results on Monday, May 16th. The scientific and technical instruments company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.05. The company had revenue of $22.48 million for the quarter, compared to analyst estimates of $21.04 million. Luna Innovations had a net margin of 11.88% and a return on equity of 5.51%. During the same period in the prior year, the firm earned $0.01 earnings per share. On average, equities analysts predict that Luna Innovations Incorporated will post 0.14 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in LUNA. Geode Capital Management LLC increased its stake in shares of Luna Innovations by 2.3% during the third quarter. Geode Capital Management LLC now owns 524,238 shares of the scientific and technical instruments company’s stock worth $4,980,000 after buying an additional 11,669 shares during the period. Metropolitan Life Insurance Co NY increased its stake in shares of Luna Innovations by 117.8% during the third quarter. Metropolitan Life Insurance Co NY now owns 7,015 shares of the scientific and technical instruments company’s stock worth $67,000 after buying an additional 3,794 shares during the period. Moors & Cabot Inc. purchased a new stake in shares of Luna Innovations during the third quarter worth approximately $27,000. AMH Equity Ltd purchased a new stake in shares of Luna Innovations during the fourth quarter worth approximately $8,027,000. Finally, Janney Montgomery Scott LLC increased its stake in shares of Luna Innovations by 0.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 297,145 shares of the scientific and technical instruments company’s stock worth $2,508,000 after buying an additional 1,820 shares during the period. Hedge funds and other institutional investors own 53.42% of the company’s stock.

About Luna Innovations (NASDAQ:LUNA)

Luna Innovations Incorporated develops, manufactures, and markets fiber optic test, measurement, and control products worldwide. The company offers optical test and measurement products, which include optical vector analyzer, optical backscatter reflectometers, and the Phoenix family of tunable lasers; and Hyperion sensing solution that enables full-spectrum data acquisition and flexible peak detect algorithms of fiber-bragg gratings (FBGs), long period FBGs, and fabry-perot sensors with low-latency access to data for closed loop feedback applications.

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