Needham & Company LLC Reiterates “Buy” Rating for Luna Innovations (NASDAQ:LUNA)

Needham & Company LLC reaffirmed their buy rating on shares of Luna Innovations (NASDAQ:LUNA) in a research note published on Monday morning, Benzinga reports. Needham & Company LLC currently has a $8.00 price target on the scientific and technical instruments company’s stock.

Separately, StockNews.com cut shares of Luna Innovations from a hold rating to a sell rating in a report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $10.00.

Luna Innovations Price Performance

Shares of NASDAQ:LUNA opened at $2.80 on Monday. The company has a quick ratio of 1.62, a current ratio of 2.86 and a debt-to-equity ratio of 0.31. The stock’s 50 day moving average is $3.52 and its 200-day moving average is $5.53. The firm has a market capitalization of $95.09 million, a price-to-earnings ratio of -35.00 and a beta of 1.40. Luna Innovations has a twelve month low of $1.91 and a twelve month high of $10.70.

Hedge Funds Weigh In On Luna Innovations

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors LP boosted its position in shares of Luna Innovations by 60.6% during the 1st quarter. Wasatch Advisors LP now owns 2,023,242 shares of the scientific and technical instruments company’s stock valued at $6,484,000 after acquiring an additional 763,165 shares during the last quarter. Skylands Capital LLC raised its holdings in Luna Innovations by 157.2% in the third quarter. Skylands Capital LLC now owns 210,003 shares of the scientific and technical instruments company’s stock worth $1,231,000 after purchasing an additional 128,350 shares in the last quarter. AMH Equity Ltd boosted its position in shares of Luna Innovations by 7.7% in the 4th quarter. AMH Equity Ltd now owns 1,619,778 shares of the scientific and technical instruments company’s stock worth $10,772,000 after purchasing an additional 116,425 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Luna Innovations by 672.6% during the 1st quarter. BNP Paribas Financial Markets now owns 69,549 shares of the scientific and technical instruments company’s stock valued at $223,000 after purchasing an additional 60,547 shares in the last quarter. Finally, Avenir Corp lifted its position in Luna Innovations by 35.3% in the 4th quarter. Avenir Corp now owns 221,180 shares of the scientific and technical instruments company’s stock valued at $1,471,000 after acquiring an additional 57,700 shares in the last quarter. Institutional investors own 87.46% of the company’s stock.

Luna Innovations Company Profile

Luna Innovations Incorporated provides fiber optic test, measurement, and control products worldwide. The company offers test and measurement equipment for fiber optic components and sub-assemblies; polarization control products, including components, modules, and instruments to measure, manage, and control polarization and group delay in fiber optic networks; tunable lasers; and single frequency lasers.