Luna Innovations (NASDAQ:LUNA) Given New $8.00 Price Target at Needham & Company LLC

Luna Innovations (NASDAQ:LUNA) had its price objective reduced by research analysts at Needham & Company LLC from $10.00 to $8.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the scientific and technical instruments company’s stock. Needham & Company LLC’s price target points to a potential upside of 46.79% from the stock’s previous close.

Several other equities research analysts have also issued reports on LUNA. Northland Securities lifted their price target on Luna Innovations from $7.00 to $8.00 and gave the stock a “market perform” rating in a research note on Friday, August 11th. B. Riley decreased their price target on shares of Luna Innovations from $12.00 to $11.50 and set a “buy” rating on the stock in a research note on Friday, August 11th. StockNews.com cut shares of Luna Innovations from a “hold” rating to a “sell” rating in a research note on Monday. Finally, Stifel Nicolaus initiated coverage on shares of Luna Innovations in a research report on Friday, July 28th. They issued a “buy” rating and a $12.50 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.00.

Luna Innovations Price Performance

Shares of NASDAQ:LUNA opened at $5.45 on Thursday. Luna Innovations has a one year low of $5.05 and a one year high of $10.97. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.12 and a quick ratio of 1.73. The firm has a market capitalization of $184.86 million, a price-to-earnings ratio of -108.98 and a beta of 1.33. The company’s fifty day moving average price is $6.01 and its 200-day moving average price is $7.53.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in LUNA. Raymond James & Associates grew its holdings in Luna Innovations by 26.3% in the 1st quarter. Raymond James & Associates now owns 20,167 shares of the scientific and technical instruments company’s stock worth $155,000 after acquiring an additional 4,200 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Luna Innovations by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 105,453 shares of the scientific and technical instruments company’s stock worth $813,000 after purchasing an additional 1,962 shares during the last quarter. Rhumbline Advisers increased its holdings in Luna Innovations by 19.4% during the 1st quarter. Rhumbline Advisers now owns 26,164 shares of the scientific and technical instruments company’s stock valued at $202,000 after purchasing an additional 4,251 shares during the period. Dimensional Fund Advisors LP raised its position in Luna Innovations by 6.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 804,995 shares of the scientific and technical instruments company’s stock valued at $6,207,000 after purchasing an additional 51,124 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Luna Innovations by 5.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 81,051 shares of the scientific and technical instruments company’s stock worth $625,000 after buying an additional 3,841 shares during the period. 53.75% of the stock is owned by hedge funds and other institutional investors.

Luna Innovations Company Profile

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.