Luna Innovations (NASDAQ:LUNA) Sees Strong Trading Volume

Shares of Luna Innovations Incorporated (NASDAQ:LUNA) saw unusually-strong trading volume on Wednesday . Approximately 1,278,400 shares were traded during mid-day trading, an increase of 674% from the previous session’s volume of 165,221 shares.The stock last traded at $6.93 and had previously closed at $6.47.

A number of brokerages have recently commented on LUNA. Northland Securities raised Luna Innovations from a “market perform” rating to an “outperform” rating and set a $6.00 price target on the stock in a research note on Thursday, August 8th. TheStreet upgraded shares of Luna Innovations from a “c+” rating to a “b” rating in a report on Wednesday, August 14th. ValuEngine lowered shares of Luna Innovations from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research upgraded shares of Luna Innovations from a “hold” rating to a “strong-buy” rating and set a $7.50 target price on the stock in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $6.17.

The company has a market cap of $182.54 million, a price-to-earnings ratio of 173.25 and a beta of 0.73. The business’s fifty day moving average price is $5.98 and its 200 day moving average price is $5.28.

In other news, major shareholder Clinic Carilion sold 136,899 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $6.37, for a total value of $872,046.63. Following the completion of the sale, the insider now owns 1,119,665 shares of the company’s stock, valued at $7,132,266.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders sold 477,252 shares of company stock valued at $3,022,685. Insiders own 11.20% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC acquired a new position in shares of Luna Innovations in the third quarter worth approximately $25,000. Wells Fargo & Company MN increased its position in Luna Innovations by 818.7% during the 2nd quarter. Wells Fargo & Company MN now owns 22,968 shares of the scientific and technical instruments company’s stock valued at $103,000 after purchasing an additional 20,468 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Luna Innovations by 127.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 25,700 shares of the scientific and technical instruments company’s stock worth $116,000 after purchasing an additional 14,400 shares during the period. Hancock Whitney Corp bought a new stake in shares of Luna Innovations in the 3rd quarter valued at $152,000. Finally, Alambic Investment Management L.P. boosted its stake in shares of Luna Innovations by 2.0% in the 2nd quarter. Alambic Investment Management L.P. now owns 101,890 shares of the scientific and technical instruments company’s stock valued at $459,000 after purchasing an additional 2,000 shares during the last quarter. 23.38% of the stock is currently owned by 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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