Shares of Luna Innovations Incorporated (NASDAQ:LUNA) rose 2.7% during trading on Monday . The company traded as high as $5.99 and last traded at $6.09, approximately 183,459 shares were traded during mid-day trading. A decline of 3% from the average daily volume of 189,728 shares. The stock had previously closed at $5.93.
LUNA has been the subject of a number of recent research reports. Northland Securities upgraded shares of Luna Innovations from a “market perform” rating to an “outperform” rating and set a $6.00 price objective for the company in a report on Thursday, August 8th. ValuEngine cut shares of Luna Innovations from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. TheStreet raised shares of Luna Innovations from a “c+” rating to a “b” rating in a research note on Wednesday, August 14th. Finally, Zacks Investment Research raised shares of Luna Innovations from a “hold” rating to a “strong-buy” rating and set a $6.75 price target for the company in a research note on Thursday, August 15th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $5.92.
The firm’s 50 day moving average price is $5.09 and its two-hundred day moving average price is $4.30. The firm has a market cap of $171.59 million, a PE ratio of 151.50 and a beta of 0.74.
In related news, major shareholder Clinic Carilion sold 30,208 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were 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 owns 2,126,999 shares of the company’s stock, valued at approximately $10,634,995. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 433,226 shares of company stock valued at $2,294,883. Corporate insiders own 11.20% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Punch & Associates Investment Management Inc. purchased a new position in shares of Luna Innovations during the 1st quarter worth approximately $417,000. Dimensional Fund Advisors LP boosted its position in shares of Luna Innovations by 9.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 552,213 shares of the scientific and technical instruments company’s stock worth $1,850,000 after purchasing an additional 49,010 shares during the period. Deutsche Bank AG boosted its position in shares of Luna Innovations by 12,592.3% during the 4th quarter. Deutsche Bank AG now owns 9,900 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 9,822 shares during the period. Acadian Asset Management LLC boosted its position in shares of Luna Innovations by 11.9% during the 1st quarter. Acadian Asset Management LLC now owns 116,199 shares of the scientific and technical instruments company’s stock worth $484,000 after purchasing an additional 12,397 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Luna Innovations during the 1st quarter worth approximately $47,000. 23.31% of the stock is owned by hedge funds and other institutional investors.
About Luna Innovations (NASDAQ:LUNA)
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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