Zacks Investment Research Upgrades Luna Innovations (NASDAQ:LUNA) to “Strong-Buy”

Zacks Investment Research upgraded shares of Luna Innovations (NASDAQ:LUNA) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday morning, Zacks.com reports. The firm currently has $6.75 price objective on the scientific and technical instruments company’s stock.

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. “

A number of other brokerages also recently commented on LUNA. ValuEngine downgraded shares of Luna Innovations from a buy rating to a hold rating in a research note on Thursday, August 8th. Northland Securities upgraded shares of Luna Innovations from a market perform rating to an outperform rating and set a $6.00 target price on the stock in a research note on Thursday, August 8th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $5.92.

Shares of LUNA stock opened at $5.93 on Thursday. The company has a market capitalization of $155.82 million, a P/E ratio of 148.25 and a beta of 0.74. The company’s 50-day simple moving average is $4.97 and its two-hundred day simple moving average is $4.26. Luna Innovations has a one year low of $2.68 and a one year high of $5.99.

Luna Innovations (NASDAQ:LUNA) last issued its earnings results on Wednesday, August 7th. The scientific and technical instruments company reported $0.02 EPS for the quarter. The business had revenue of $17.81 million for the quarter, compared to the consensus estimate of $15.62 million. Luna Innovations had a net margin of 20.67% and a return on equity of 4.97%. As a group, analysts expect 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 company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $5.00, for a total value of $151,040.00. Following the transaction, the insider now directly owns 2,126,999 shares in the company, valued at approximately $10,634,995. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 433,226 shares of company stock worth $2,294,883 over the last 90 days. Insiders own 11.20% of the company’s stock.

A number of hedge funds have recently modified their holdings of LUNA. Essex Investment Management Co. LLC increased its stake in shares of Luna Innovations by 16.6% in the second quarter. Essex Investment Management Co. LLC now owns 345,912 shares of the scientific and technical instruments company’s stock worth $1,557,000 after buying an additional 49,322 shares during the last quarter. Morgan Stanley increased its stake in shares of Luna Innovations by 9.7% in the second quarter. Morgan Stanley now owns 217,025 shares of the scientific and technical instruments company’s stock worth $976,000 after buying an additional 19,190 shares during the last quarter. BlackRock Inc. increased its stake in shares of Luna Innovations by 67.4% in the second quarter. BlackRock Inc. now owns 500,914 shares of the scientific and technical instruments company’s stock worth $2,254,000 after buying an additional 201,612 shares during the last quarter. Alambic Investment Management L.P. increased its stake in shares of Luna Innovations by 2.0% in the second quarter. Alambic Investment Management L.P. now owns 101,890 shares of the scientific and technical instruments company’s stock worth $459,000 after buying an additional 2,000 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Luna Innovations by 2.4% in the second quarter. Renaissance Technologies LLC now owns 1,290,450 shares of the scientific and technical instruments company’s stock worth $5,807,000 after buying an additional 29,943 shares during the last quarter. Institutional investors and hedge funds own 21.93% 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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