Luna Innovations (NASDAQ:LUNA) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Luna Innovations (NASDAQ:LUNA) from a hold rating to a sell rating in a research note published on Tuesday, August 7th.

According to Zacks, “LUNA INNOVATIONS INCORPORATED develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Luna develops technologies in four primary areas: Sensors & Systems; Health Sciences; Materials & Secure Computing. Luna’s product offerings generally fit into two categories: Instrumentation, Test & Measurement & Healthcare. The products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia. “

Separately, Northland Securities cut Luna Innovations from an outperform rating to a market perform rating and set a $4.00 price objective for the company. in a research report on Friday, August 3rd.

Luna Innovations stock traded up $0.04 during midday trading on Tuesday, reaching $3.72. 71,600 shares of the company were exchanged, compared to its average volume of 134,494. The stock has a market cap of $97.54 million, a PE ratio of 44.63 and a beta of 0.91. Luna Innovations has a 1 year low of $1.40 and a 1 year high of $4.32.

Luna Innovations (NASDAQ:LUNA) last posted its quarterly earnings data on Wednesday, August 1st. The scientific and technical instruments company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $13.77 million during the quarter, compared to analysts’ expectations of $12.90 million. Luna Innovations had a return on equity of 4.98% and a net margin of 34.13%. equities research analysts predict that Luna Innovations will post 0.07 EPS for the current fiscal year.

In other Luna Innovations news, major shareholder Clinic Carilion sold 39,497 shares of the firm’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $3.40, for a total value of $134,289.80. Following the sale, the insider now directly owns 2,005,233 shares of the company’s stock, valued at approximately $6,817,792.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 10.60% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of LUNA. Renaissance Technologies LLC boosted its stake in Luna Innovations by 45.7% in the 4th quarter. Renaissance Technologies LLC now owns 841,005 shares of the scientific and technical instruments company’s stock worth $2,044,000 after buying an additional 263,700 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Luna Innovations by 331.2% in the 4th quarter. Deutsche Bank AG now owns 100,910 shares of the scientific and technical instruments company’s stock valued at $244,000 after purchasing an additional 77,510 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Luna Innovations in the 4th quarter valued at about $327,000. Algert Global LLC lifted its stake in shares of Luna Innovations by 434.5% in the 1st quarter. Algert Global LLC now owns 201,843 shares of the scientific and technical instruments company’s stock valued at $654,000 after purchasing an additional 164,077 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC acquired a new position in shares of Luna Innovations in the 1st quarter valued at about $223,000. 23.32% of the stock is currently owned by hedge funds and other institutional investors.

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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