Luna Innovations Incorporated (NASDAQ:LUNA) Receives $5.50 Consensus PT from Brokerages

Luna Innovations Incorporated (NASDAQ:LUNA) has earned an average recommendation of “Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $5.50.

A number of brokerages recently issued reports on LUNA. BidaskClub upgraded Luna Innovations from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Zacks Investment Research lowered Luna Innovations from a “buy” rating to a “hold” rating in a research note on Wednesday, January 8th.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS Group AG purchased a new position in shares of Luna Innovations during the 4th quarter valued at about $27,000. State Street Corp grew its position in shares of Luna Innovations by 32.1% during the 4th quarter. State Street Corp now owns 14,932 shares of the scientific and technical instruments company’s stock valued at $109,000 after acquiring an additional 3,630 shares during the period. Citigroup Inc. grew its position in shares of Luna Innovations by 191.2% during the 4th quarter. Citigroup Inc. now owns 5,823 shares of the scientific and technical instruments company’s stock valued at $42,000 after acquiring an additional 3,823 shares during the period. Bank of New York Mellon Corp grew its position in shares of Luna Innovations by 26.4% during the 4th quarter. Bank of New York Mellon Corp now owns 20,288 shares of the scientific and technical instruments company’s stock valued at $148,000 after acquiring an additional 4,237 shares during the period. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of Luna Innovations during the 3rd quarter valued at about $25,000. Institutional investors and hedge funds own 29.46% of the company’s stock.

LUNA stock traded down $0.06 during midday trading on Friday, reaching $8.91. The stock had a trading volume of 137,680 shares, compared to its average volume of 215,746. The stock has a market cap of $252.29 million, a PE ratio of 81.01 and a beta of 0.84. The firm has a fifty day simple moving average of $8.14 and a two-hundred day simple moving average of $6.76. Luna Innovations has a 52-week low of $3.03 and a 52-week high of $9.32.

About Luna Innovations

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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