Zacks: Brokerages Set $5.75 Target Price for Luna Innovations Incorporated (NASDAQ:LUNA)

Shares of Luna Innovations Incorporated (NASDAQ:LUNA) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the two brokers that cover the stock, Zacks Investment Research reports. Two research analysts have rated the stock with a strong buy recommendation. Luna Innovations’ rating score has improved by 50% in the last 90 days as a result of a number of analysts’ upgrades and downgrades.

Brokerages have set a 12-month consensus price objective of $5.75 for the company and are expecting that the company will post $0.04 EPS for the current quarter, according to Zacks. Zacks has also given Luna Innovations an industry rank of 143 out of 256 based on the ratings given to related companies.

A number of equities research analysts have issued reports on the company. Zacks Investment Research raised Luna Innovations from a “hold” rating to a “strong-buy” rating and set a $6.75 target price for the company in a research report on Thursday, August 15th. ValuEngine cut Luna Innovations from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Northland Securities upgraded Luna Innovations from a “market perform” rating to an “outperform” rating and set a $6.00 price target for the company in a report on Thursday, August 8th. Finally, TheStreet upgraded Luna Innovations from a “c+” rating to a “b” rating in a report on Wednesday, August 14th.

Luna Innovations stock traded down $0.01 during trading hours on Thursday, reaching $6.00. 10,109 shares of the company were exchanged, compared to its average volume of 195,881. The firm has a market cap of $166.79 million, a price-to-earnings ratio of 150.25 and a beta of 0.74. The stock has a 50-day moving average of $5.06 and a 200 day moving average of $4.28. Luna Innovations has a 12 month low of $2.68 and a 12 month high of $6.27.

Luna Innovations (NASDAQ:LUNA) last announced its earnings results on Wednesday, August 7th. The scientific and technical instruments company reported $0.02 earnings per share (EPS) for the quarter. The firm had revenue of $17.81 million during the quarter, compared to analysts’ expectations of $15.62 million. Luna Innovations had a return on equity of 4.97% and a net margin of 20.67%. Equities research analysts forecast that Luna Innovations will post 0.15 earnings per share for the current fiscal year.

In other Luna Innovations news, major shareholder Clinic Carilion sold 30,208 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $5.00, for a total transaction of $151,040.00. Following the completion of the transaction, the insider now directly owns 2,126,999 shares in the company, valued at $10,634,995. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 433,226 shares of company stock valued at $2,294,883 over the last 90 days. 11.20% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Punch & Associates Investment Management Inc. bought a new position in Luna Innovations in the first quarter valued at about $417,000. Dimensional Fund Advisors LP boosted its holdings in Luna Innovations by 9.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 552,213 shares of the scientific and technical instruments company’s stock valued at $1,850,000 after acquiring an additional 49,010 shares during the last quarter. Deutsche Bank AG boosted its holdings in Luna Innovations by 12,592.3% in the fourth quarter. Deutsche Bank AG now owns 9,900 shares of the scientific and technical instruments company’s stock valued at $33,000 after acquiring an additional 9,822 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Luna Innovations by 11.9% in the first quarter. Acadian Asset Management LLC now owns 116,199 shares of the scientific and technical instruments company’s stock valued at $484,000 after acquiring an additional 12,397 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Luna Innovations in the first quarter valued at about $47,000. Hedge funds and other institutional investors own 23.31% of the company’s stock.

Luna Innovations Company Profile

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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