Zacks: Luna Innovations Incorporated (LUNA) Receives Consensus Rating of “Buy” from Brokerages

Luna Innovations Incorporated (NASDAQ:LUNA) has earned an average broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. Luna Innovations’ rating score has declined by 100% in the last 90 days as a result of a number of analysts’ upgrades and downgrades.

Brokerages have set a 12-month consensus price target of $4.78 for the company and are predicting that the company will post $0.01 earnings per share for the current quarter, according to Zacks. Zacks has also given Luna Innovations an industry rank of 103 out of 255 based on the ratings given to its competitors.

A number of equities research analysts have recently issued reports on the company. Zacks Investment Research upgraded Luna Innovations from a “sell” rating to a “hold” rating in a research report on Tuesday, August 14th. Dawson James assumed coverage on Luna Innovations in a research report on Tuesday, October 2nd. They issued a “buy” rating for the company. Finally, Northland Securities lowered Luna Innovations from an “outperform” rating to a “market perform” rating and set a $4.00 price target for the company. in a research report on Friday, August 3rd.

In related news, major shareholder Clinic Carilion sold 39,497 shares of the company’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $3.40, for a total value of $134,289.80. Following the transaction, the insider now directly owns 2,005,233 shares in the company, valued at $6,817,792.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 10.60% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LUNA. Alambic Investment Management L.P. lifted its stake in Luna Innovations by 21.1% during the second quarter. Alambic Investment Management L.P. now owns 106,574 shares of the scientific and technical instruments company’s stock worth $318,000 after purchasing an additional 18,563 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Luna Innovations by 50.3% during the first quarter. Dimensional Fund Advisors LP now owns 212,354 shares of the scientific and technical instruments company’s stock worth $688,000 after purchasing an additional 71,055 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in Luna Innovations during the first quarter worth $401,000. Acadian Asset Management LLC lifted its stake in Luna Innovations by 106.1% during the second quarter. Acadian Asset Management LLC now owns 128,838 shares of the scientific and technical instruments company’s stock worth $384,000 after purchasing an additional 66,327 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Luna Innovations by 96.5% during the first quarter. JPMorgan Chase & Co. now owns 63,491 shares of the scientific and technical instruments company’s stock worth $206,000 after purchasing an additional 31,184 shares in the last quarter. Hedge funds and other institutional investors own 23.32% of the company’s stock.

Shares of LUNA stock traded up $0.12 during trading hours on Monday, reaching $3.38. The company had a trading volume of 76,600 shares, compared to its average volume of 125,140. The firm has a market capitalization of $88.25 million, a PE ratio of 40.38 and a beta of 0.83. Luna Innovations has a 12-month low of $1.47 and a 12-month high of $4.32.

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

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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