Luna Innovations (NASDAQ:LUNA) Stock Rating Reaffirmed by Needham & Company LLC

Luna Innovations (NASDAQ:LUNA)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $8.00 target price on the scientific and technical instruments company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 161.44% from the company’s previous close.

Separately, StockNews.com lowered shares of Luna Innovations from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $10.00.

Luna Innovations Trading Up 36.0 %

Shares of NASDAQ:LUNA opened at $3.06 on Monday. The firm has a market capitalization of $103.92 million, a price-to-earnings ratio of -38.25 and a beta of 1.40. The business’s 50 day moving average price is $3.85 and its 200-day moving average price is $5.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.86 and a quick ratio of 1.62. Luna Innovations has a 1 year low of $1.91 and a 1 year high of $10.70.

Hedge Funds Weigh In On Luna Innovations

Institutional investors and hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC lifted its stake in Luna Innovations by 54.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 6,220 shares of the scientific and technical instruments company’s stock worth $41,000 after purchasing an additional 2,192 shares in the last quarter. Private Portfolio Partners LLC acquired a new stake in shares of Luna Innovations in the fourth quarter valued at approximately $136,000. Cary Street Partners Investment Advisory LLC lifted its position in Luna Innovations by 72.5% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 42,377 shares of the scientific and technical instruments company’s stock worth $282,000 after buying an additional 17,808 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Luna Innovations by 672.6% in the 1st quarter. BNP Paribas Financial Markets now owns 69,549 shares of the scientific and technical instruments company’s stock worth $223,000 after acquiring an additional 60,547 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Luna Innovations by 2.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 130,296 shares of the scientific and technical instruments company’s stock worth $764,000 after acquiring an additional 2,788 shares during the last quarter. 87.46% of the stock is currently owned by institutional investors and hedge funds.

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.